UAE ranks second among global commodity trading hubs

UAE ranks second among global commodity trading hubs

Published: Wed 22 May 2024, 7:05 PM

The UAE ranks second among commodity trading hubs worldwide, behind the United States and ahead of Switzerland, reinforcing its leading position as a thriving business powerhouse.

The UAE's continued prominence among the top global commodity trading hubs underscores the country’s resilience to headwinds alongside the ambitious vision of its leadership that is driving the country’s growth trajectory, said Feryal Ahmadi, chief operating officer of Dubai Multi Commodities Centre (DMCC).

The UAE’s commodities market is projected to reach a nominal value of $123.8 billion by 2024, and $141 billion by 2028 at an estimated annual growth rate of 3.31 per cent, according to Statista. In 2024, the average price per contract in the commodities market is $0.01.

“The strategic location, world-class infrastructure and business-friendly policies in Dubai provide us with a cutting edge that continues to attract businesses and investors from around the world,” said Ahmadi.

The DMCC Commodity Trade Index, presented in the Future of Trade 2024 report, evaluates ten major trading hubs by analysing three crucial aspects of commodity trade across ten specific sub-indicators.

DMCC said these indicators capture the essence of locational advantages, commodity wealth across commodities like coffee, grains and gold, financial services and logistics infrastructure,