Reinforcing Dubai’s status as the ‘City of Gold’


January 2, 2019 | By Rupkatha B

All around the year, a large number of people – both residents and tourists – flock to a popular destination in Dubai called the Gold Souk. Not too far away from the creek, the history of Gold Souk dates back to early 1900 when a handful of gold and jewellery merchants set up shops in this area. Businesses continued to grow over the decades. Today, Gold Souk probably houses over 500 shops.

Gradually, the jewellery business expanded beyond Gold Souk, moving over to high streets and shopping malls. What has, however, remained constant is Dubai’s dominant status as the ‘City of Gold’. Retaining the sheen and status requires hard work, vision and cooperation between the industry stakeholders to grow collectively.

“I feel privileged to be part of an industry that continues to shine,” says Tawhid Abdullah, chairman of the Dubai Gold & Jewellery Group during an exclusive interview with RetailME.

“Over the past 24 years, we have worked as a soccer or baseball team. Just like players play together leveraging each other’s strength, we have been doing the same. We have worked very hard to elevate the status of our industry. It requires our involvement in the day-to-day operations to feel the pulse of our industry around the world and gauge prospects.”

“Government’s support, coupled with self-discipline; quality of traders, coupled with financing options from banks; efficiency and credibility of our industry worldwide have contributed to Dubai’s status as the ‘City of Gold’,” he adds. “Besides, we have a healthy mix of young and experienced members on the board of the Dubai Gold & Jewellery Group that helps us to remain ahead of the curve. We can infuse years of learning with innovative thinking.”

The industry – consisting of gold, diamond, bullion, scrap and jewellery – contributes significantly to the UAE’s GDP. It has consistently contributed to the country’s overall retail sales for many years.

Read the full article in the January edition of RetailME

Comments

comments

Previous Article Next Article

YOU MAY ALSO LIKE /


Almarai, Carrefour, Emirates have the most loyal customers

UAE-based Carrefour will become the first retailer in the region to offer new levels 

Continue Reading

February 22, 2021 | By RetailME Bureau

The Organic Farmers’ Market is back in Bay Avenue for its 12th 

Continue Reading

February 17, 2021 | By RetailME Bureau

UAE-based  Lulu Group recently inaugurated its first-ever all-female staff store in Jeddah, 

Continue Reading

February 15, 2021 | By RetailME Bureau
Jones the grocer

Jones the Grocer, the gourmet grocer and cheese retailer launches the Jones 

Continue Reading

February 1, 2021 | By RetailME Bureau

UAE-based Al Maya Supermarkets is hosting a two-week food festival at select 

Continue Reading

January 17, 2021 | By Lawrence Pinto

Locally-owned supermarket Spinneys has launched its ‘Power of Plants’ initiative in the 

Continue Reading

January 17, 2021 | By RetailME Bureau
Cookit

Carrefour UAE has launched “Cookit Yourself” — a curated recipe box created 

Continue Reading

January 5, 2021 | By RetailME Bureau
Al Islami Plant-Based Burger

UAE-based Al Islami Foods, one of the largest frozen food companies in 

Continue Reading

January 3, 2021 | By RetailME Bureau
Marks & Spencer's plant-based range

Marks & Spencer’s plant-based range now offers over 25 vegan products including meat-free 

Continue Reading

December 23, 2020 | By RetailME Bureau

World’s largest fully integrated online brand in fresh fish and meat e-commerce 

Continue Reading

December 14, 2020 | By RetailME Bureau
Koita

Homegrown, organic and plant milk company, Koita has announced its expansion into 

Continue Reading

December 9, 2020 | By RetailME Bureau
Middle East's vegan revolution

Today’s on-demand streaming services are ripe with docu-series and explainer videos on 

Continue Reading

December 3, 2020 | By Shruthi Nair




Download Images RetailME Magazine