01 November, 2020

Tap The Gold Dust

The debt battle is still on, but Dubai is now again the place to do business

Tap The Gold Dust

Dubai’s pre-eminence as the city of gold was never in doubt, even at the peak of the real estate crash that brought the city down to earth from its stratospheric orbit. Apart from the glitter, which the city and the metal share in solid measure, Dubai now seems to have acquired another fundamental attribute of gold—status as a safe haven against economic uncertainties/market turmoil that has seen prices hit record highs in recent times.

By a quirk of circumstances, Dubai is now increasingly being seen as a safe haven for money flowing out of countries caught up in the Arab Spring. As Arab political distrust of the West keeps growing, there is a discernible trend of money avoiding the traditional channels that were once heavily tilted towards European destinations. With the whole region in turmoil, other Gulf Cooperation Council (GCC) countries also suffer from a number of disadvantages. By default, Dubai emerges as the best bet.

Dubai has always been an island of stability whenever the region faced trouble. Each time...



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