Skip to content Skip to Search
Skip navigation

UAE increases gold reserves with growth set to continue

B8KRCP The Bank of England underground Gold Vaults in London Stacks of Gold Bars are taken into storage Gold bars are taken into storage at the Bank of England;central banks around the world are increasing reserves David Levenson/Alamy via Reuters Connect
Gold bars are taken into storage at the Bank of England; central banks around the world are increasing reserves
  • UAE’s reserves reach AED20bn
  • Increased from AED1.1bn in 2018
  • Global trend towards gold reserves

The UAE’s gold reserves reached almost AED20 billion ($5.5 billion) at the end of March, rising 12.6 percent year on year, with expectations that the growth will continue into the rest of the year.

The Central Bank of the UAE (CBUAE) said the Gulf state’s reserves of the precious metal have risen considerably over the last few years, rising from AED1.1 billion in 2018.

The UAE’s increased reserves is part of a global trend. The World Gold Council (WGC) reported that last year central banks added 1,037 tonnes of gold to their reserves. This was the second highest annual purchase in history, following a record high of 1,082 tonnes in 2022.

The Council said “an increasingly complex geopolitical and financial environment is making gold reserves management more relevant than ever.”

As part of its annual survey of central banks, carried out between February and April 2024, the WGC found that 29 percent of respondents said they intend to increase their gold reserves over the next 12 months.

The Council did not state whether the UAE central bank, or other Gulf states, were part of the survey.

Gold is often seen as a “safe haven” investment and the value of the metal has been rising considerably in recent months.

Prices edged up on Wednesday, up 0.1 percent to $2,330.27 per ounce as of 11:56 GMT. 

Ricardo Evangelista, senior analyst at ActivTrades, said prices are likely to remain stable. 

“Market expectations point to at least one rate cut from the Fed. That scenario has been fully priced in the value of the dollar. Government purchases [of gold] remain stable as well.

“Unless there is any significant change in this scenario, prices are expected to remain supported above the $2,300 level,” he told Reuters.

Latest articles

In a concession to the electorate, the legislation before parliament proposes a 25 percent increase in the payment to pensioners on the lowest rate of support

Turkey targets business with steep taxes to raise revenue

Multinational corporations operating in Turkey face a steep increase in their tax bills, thanks to one of the new revenue-raising measures outlined by the government in draft legislation aimed at narrowing the budget deficit. Under the new tax reforms, tabled before the parliament on July 16, multinationals with more than $817.6 million in annual consolidated […]

Saudi growth forecast

IMF lowers Saudi growth forecast over oil output cuts

The International Monetary Fund has lowered its forecast for economic growth in Saudi Arabia by almost an entire percentage point, as cuts in oil production continue to weigh heavily on the kingdom’s economy.  In its World Economic Outlook Update, the IMF reduced its forecast for Saudi GDP growth to 1.7 percent for this year, down […]

People, Person, Groupshot APQ CEO Ebubekir Koyuncu (sitting left) and Aramco acting senior vice president of new business development Mohanad M Alamdar at the signing ceremony

Saudi Aramco bolsters blue hydrogen portfolio 

Saudi Aramco has acquired a 50 percent stake in Jubail-based Blue Hydrogen Industrial Gases Company (BHIG), a wholly-owned subsidiary of Air Products Qudra. No financial details were disclosed. The transaction, subject to standard closing conditions, includes options for the oil giant to offtake hydrogen and nitrogen.  The remaining 50 percent will be owned by APQ, […]

Egypt's SCA is seeking revenue of $9 billion from the Suez Canal operation in 2024/2025, 25 percent more than the previous year

Egypt to float Suez Canal subsidiary next year

Egypt’s Suez Canal Authority (SCA) is planning to list Canal Mooring & Lights Company, a specialist in the mooring and unmooring of ships, on the local bourse, a news report said. The proposed listing will take place early next year, Bloomberg Ashraq reported, quoting SCA’s chairman Osama Rabie. In June 2023, the official confirmed the […]