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Dubai Gold Souk or Gold Souk (Arabic: سوق الذهب), is a traditional market (or souk) in Dubai, UAE. The souk is located in Dubai's commercial business district in Deira, in the locality of Al Ras. The souk consists of over 380 retailers, [1] most of whom are jewelry traders. Dubai Gold Souk entrance
King Abdullah Bin Abdulaziz Al Saud Street, Al Bateen, Abu Dhabi: Established: 11 December 1980; 44 years ago () Governor: Khaled Mohamed Balama: Central bank of: United Arab Emirates: Currency: United Arab Emirates dirham AED Reserves: US$92.57 billion: Bank rate: 5.15% [1] Website: centralbank.ae /en
Dubai suffered from a significant economic crisis in 2007–2010 and was bailed out by Abu Dhabi's oil wealth. Dubai's current prosperity has been attributed to Abu Dhabi's petrodollars. [40] In 2014, Dubai owed a total of $142 billion in debt. [41] The UAE government has worked towards reducing the economy's dependence on oil exports by 2030. [42]
Dubai has a free trade in gold and, until the 1990s, was the hub of a "brisk smuggling trade" [59] of gold ingots to India, where gold import was restricted. Dubai's Jebel Ali port, constructed in the 1970s, has the largest human-made harbour in the world and was ranked seventh globally for the volume of container traffic it supports. [ 165 ]
Gold to Go is a product brand made by the TG Gold-Super-Markt corporation designed to dispense items made of pure gold from automated banking vending machines. [1] The first gold-plated vending machine was located in the lobby of the Emirates Palace hotel in Abu Dhabi, dispensed 320 items made of gold, including 10-gram gold bars and customized gold coins. [2]
UAE Exchange established its first branch and operations in Abu Dhabi, UAE in the year 1980.. In 1993, UAE Exchange became a SWIFT member and over the following two years opened operations in Oman and Kuwait, as well as launching transfer, gold card, and banknote services.