A government official to (Sudan Events ): A major shift in gold exports to Dubai
Sudan Events – Rehab Abdullah
A government official revealed to (Sudan Events ) that a major shift will occur in gold exports to Dubai in the near future.
The Sudanese Minister of Finance, Dr. Jibril Ibrahim, acknowledged that part of gold exports are still being exported to Dubai despite the tension in relations with the UAE due to the desire of some private sector exporters to do so, indicating that Sudan is seeking to find alternatives and new markets in this regard.
At a time when goldsmiths and gold exporters warned of the return of the Bank of Sudan’s monopoly on gold exports again, against the backdrop of information circulating about the emergence of a trend to stop the export of Sudanese gold to the Abu Dhabi markets, and expectations of issuing new decisions regarding gold exports.
The Secretary-General of the Goldsmiths’ Division and Union, Atef Ahmed, told (Sudan Events)that the Bank of Sudan did not notify them of stopping gold exports to Dubai, and indicated that it is not possible to stop it at the present time suddenly, and attributed this to the fact that financial transfers to Sudan are made from the UAE only, while they face stumbling blocks from other countries.
Atef affirmed the existence of markets for gold exports, but there are no guarantees for the return of gold proceeds.
Atef attributed the export of gold to the Dubai Stock Exchange because the rest of the countries are restricted in their transactions, but “Dubai” has facilities that made it preferred for Sudanese traders.
The Central Bank of Sudan (CBS)continued to announce the purchase of the UAE of all the gold produced, as it announced the export of gold to the UAE in the first half of 2022 (January – June), which revenues amounted to $1,314,962 at the time.
However, the head of the Capital Markets Authority in Sudan, Dr. Shawqi Azmi, confirmed in his interview to( Sudan Events ) the possibility of Sudan stopping gold exports to Dubai, indicating that the export is linked to obtaining approvals that include the name of the exporting country.
Media outlets reported information about the emergence of a trend to stop the export of Sudanese gold to the Abu Dhabi markets, and expectations of the issuance of new decisions regarding gold exports, and stated that the state will back down from its commitment to companies operating in the field of mining regarding the export of gold to the UAE.
