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Can the UAE outshine Switzerland with gold?

Section: Daily Dispatches

By Dominique Soguel and Pauline Turuban
Swiss Info / Swiss Broadcasting Corp., Bern
Wednesday, January 31, 2024

Switzerland sits at the heart of Europe and has for decades been the dominant player in the global gold industry both in terms of refining capacity and trading. But the United Arab Emirates, which lies at the crossroads of the West and an increasingly affluent East, is threatening that supremacy, having built its position quietly over the past two decades.

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These dramatically different worlds are intertwined yet also increasingly competitive. 

The UAE, particularly Dubai, is on the rise as an international gold hub. Since 2012 it has leveraged its strategic location, modern infrastructure, and business-friendly policies to attract global players. 

While Switzerland offers a well-established financial system and an orderly, regulated market, the UAE provides a dynamic and forward-looking environment with a strong emphasis on innovation -- in architecture, digital technology and the business environment. 

Sanctions on Russia over its war against Ukraine have also helped shift global gold trading to Dubai and Hong Kong. ...

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