Dubai has one of the most successful economies in the Middle East... part of the reason for Dubai's economic success is found within it's favorable investment climate, created in part by lucrative business and tax incentives, as well as, the creation of special free trade zones, like the Jebel Ali Free Zone, also known as; JAFZ and JAFZA.Dubai is becoming increasingly known as the "City of Gold"... in recent years, Dubai has become the fastest growing Gold centre in the world... Dubai
Dubai's famous Gold Souk, one of the largest retail gold markets in the world, started in the 1900's with just a handful of retailers... it grew substantially in the 1940's and 50's when it also got an ornate wooden covering... this was updated in the 70s with the rapid expansion brought on by the oil boom... it has now grown to nearly 400 retail and wholesale units, including over 275 retailers; all this in an area of half a square kilometer.
Dubai's Gold Souk has been modernized, and shop displays are constantly being refurbished to adhere to international standards... but despite the growth in size, the Souk remains a tantalizing introduction to the Arabian world, with narrow alleys and traditional wooden archways, all set against hundreds of shops displaying tons of Gold, Diamonds and other precious Gems.
In recent years, new Gold shopping centres have also been built, including the sophisticated Gold and Diamond Park, New Gold Souk Center, Gold Land, Gold Centre and Gold House.
A recent study of Dubai found that;
* 95% of all tourists buy Gold when visiting Dubai.
* 76% of all Dubai residents own Gold.
* 80% of Dubai residents intend on buying Gold within the next year.
* 95% of all tourists buy Gold when visiting Dubai.
* 76% of all Dubai residents own Gold.
* 80% of Dubai residents intend on buying Gold within the next year.
The Dubai Govt. has recently increased it's efforts to further advance Dubai as a global leader in the Gold industry by developing the "Dubai Metals & Commodities Centre" (the DMCC)... the DMCC is a strategic government initiative offering a unique opportunity for participants in a wide range of commodities industries... it provides facilities that bring together the entire value chain of Goldd and Precious Metals participants with all the relevant support industries such as finance, logistics and insurance, including the refining, manufacturing and trading of Gold.
The DMCC is currently the only UAE free zone authority offering freehold property options on business premises in addition to all other free zone benefits -including 100% business ownership, a 50 year tax holiday, and a one stop shop facility for processing of all documentation including immigration and licensing needs. The DMCC's 300-hectare development is situated in the heart of "new" Dubai adjacent to Dubai 's newest projects including The Palm Island and the Dubai Marina... and is strategically located in close proximity to the major port of Jebel Ali and in easy reach of Dubai International Airport, the DMCC lies between the fifth and sixth interchange on the Sheikh Zayed highway.