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The UAE wants to become a hub for precious metals trade.
The UAE wants to become a hub for precious metals trade.

Abu Dhabi Precious Metals Trade Tops $4 Billion

Abu Dhabi Precious Metals Trade Tops $4 Billion

Abu Dhabi’s trade in pearl, gemstones and precious metals surged 66% to Dh15.4 billion ($4.19 billion) in 2016, compared to Dh9.25 billion in 2015, a report said, citing the Statistics Center-Abu Dhabi.
The growth in the non-oil trade movement across the emirate’s onshore, offshore and air entry points has been attributed by SCAD to a growing increase in local and foreign demand that led to a considerable rise in non-oil exports and re-exports, including pearls and gemstones, reported WAM, the Emirates official news agency.
Also Dh6.565 billion worth of gemstones, pearl and precious metals re-exports were recorded in 2016 against Dh2.94 billion in 2015.
Analysts expect continued growth in this type of trade, affirming that the UAE has turned to be a major hub for pearl, gemstones and precious metals trade over the past five years.
According to SCAD statistics, pearl, gemstones and precious metals exports hit Dh3.4 billion in 2016, a 1.5% increase from Dh3.35 billion in 2015, with the imports valued at Dh5.42 billion in 2016, an 83% rise from Dh2.95 billion in 2015.
The pearl, gemstones and precious metals trade claims 5% of the emirate’s non-oil trade volume, which totaled around Dh309 billion in 2016.
Meanwhile, Abu Dhabi Ports Company has announced the inauguration of Delma Port, located about 40km off the coast of the western region of Abu Dhabi, Arabian Business reported.
Located on the eastern side of Delma Island, the new port will better serve the community as an upgraded multipurpose port capable of handling cargo, passenger ferries and fishing vessels, a statement said.
With a budget of over Dh170 million, the new Delma Port covers a total area of 280,725 sq. m., and features an accessible breakwater with ferry terminal. The terminal has a 103 meters long quay wall with three fixed ramps that serve as berthing areas for ferry vessels.  
A marina with 160 wet berths and 104 dry berths for fishing and recreational craft is also provided to support the local boat population.

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