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Article: Dubai: glittering underworld. (Dubai as one of Asia's major trading centers for the gold trade) (Business & Finance)
- Article from:
- The Middle East
- Article date:
- July 1, 1993
- Author:
CopyrightCOPYRIGHT 1993 IC Publications Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Dubai is one of Asia's major trading centres for the gold trade. Magda Abu Fadil reports on its brilliant prospects and the criminal aspects of a largely unregulated business.
The fluctuations of the gold market may unnerve many investors. After sinking to a seven-year low at the beginning of the year, it has surprised many speculators with a display of rude health in the summer. Whatever its fortunes on the markets, however, gold remains the king of metal commodities in the Middle East, smugglers abound and regulation of its trade is a distant prospect.
Despite efforts in the Gulf Arab states to try to legislate specifications for gold and silver, officials ...