Gold-Hungry Dubai Expects to Double Demand by 2005
The demand for gold in Dubai is expected to increase by 50 percent over its current level by 2005, an official said on Tuesday.
At the opening of International Jewelry Dubai 2001, Moaz Barakat, Mideast regional director for the World Gold Council, said the emirate was rated second in the world for its gold trade, according to the Gulf News.
Last year, Dubai imported 270 tons of gold and re-exported 210 tons, the remaining 60 tons being used locally, said the paper.
Gold imports in the first quarter increased 10 percent over the same period last year.
Barakat emphasized the importance of the gold and jewelry trade to Dubai's tourism industry.
The relaxing of tourist visas for citizens of more than 30 countries will only help increase the demand for gold in Dubai, he said.
He added that Dubai's new Gold and Diamond Park planned to manufacture 60 tons of jewelry a year.
The first phase of the park was recently completed; its 6,000 square meters house 30 retail outlets and 118 manufacturing units.
The project includes three phases with a total 48,000 square meters of space, said the paper – Albawaba.com
© 2001 Al Bawaba (www.albawaba.com)