Dubai has become a major gold trading hub, actively pursuing untapped markets and cutting corners to frequently bring gold to the market. This is evidenced by the UAE's significant share of the world's gold trade in 2023.
As of 1996, the UAE was not even in the top 100 gold-importing countries. However, in just two decades, it rose to become one of the top four gold-importing countries in the world, surpassing Hong Kong and the United States.