UAE continues to be a destination of choice for global companies and successful ventures
Abu Dhabi, 22 March 2023 H.E. Abdullah Bin Touq Al Marri, UAE Minister of Economy, witnessed the opening of the new Malabar Gold & Diamonds international hub in Dubai Gold Souk. M.P. Ahammed, Chairman of Malabar Group; and other directors, distinguished guests, officials, well-wishers, and management team members of Malabar Gold & Diamonds were present on the occasion. The Group is the sixth largest gold jewelry retailer globally, with a wide retail network of more than 310 sales outlets across 10 markets in India, GCC, the Far East and the USA.
This step highlights the prestigious position of UAE as one of the most preferred destinations for global companies and successful ventures by offering a highly conducive environment for them to grow and expand in the regional and international markets, and trade policies encouraging business growth.
Malabar Group choosing the UAE as the base for its global expansion reflects investor confidence in the country's business environment and the positive impact of legislative reforms and the new economic model, as the UAE is a leading global hub in gold and precious metal trading as the gold sector accounted for 32 per cent of the UAE's total non-oil exports in 2022. Moreover, the country accounts for 8.2 per cent of total global gold exports today, ranking third behind Switzerland and U.K in 2021.
According to data from the Central Register of Commercial Licenses platform, more than 1,500 trade licenses registered in the UAE are in gold trade or related activities. The number of trade licenses issued for gold companies and refineries reached nearly 119 in 2022.
In terms of exports and imports of gold, the UAE's total exports of gold and its products amounted to AED 135 billion, while the country's imports of gold and its products totaled nearly AED 274 billion. The UAE's total trade in gold and gold products, including re-exports, grew by 17% to reach AED 451 billion in 2022.
The opening of the international hub marks a new milestone for Malabar Gold & Diamonds, which launched its global operations from the UAE in 2008. The independent building, located at the heart of Dubai Gold Souk, spreads over an area of 28,000 square feet. The new hub brings together all supporting and enabling functions of the Group's international operations - which were previously decentralized - under one roof, thus streamlining procedures and enhancing overall management efficiencies.
Spread over four floors, the new international hub houses all central supply chain subsidiaries of Malabar Gold & Diamonds, from jewelry designing to logistic services, in addition to all enabling jobs, such as HR, marketing, finance, legal, IT and others. Malabar Gold & Diamonds currently has presence in nine countries, which are the UAE, USA, KSA, Oman, Kuwait, Bahrain, Qatar, Singapore, and Malaysia, with immediate expansion plans in the UK, South Africa, Egypt, Bangladesh, Canada, and Australia.
M.P. Ahammed, Chairman of Malabar Group, said: “The opening of the Malabar international hub in Dubai has taken us one step closer to our vision of becoming the biggest gold jewelry retailer in the world. Our commitment to highest standards of quality, precision and customer service has established our position as one of the leading brand names in the industry in less than 30 years. I express my sincere gratitude to all our partners in growth - customers, employees, associates, shareholders and authorities.”
Shamlal Ahamed M.P, Managing Director, International Operations, Malabar Gold & Diamonds, said: “The opening of the Malabar Gold and Diamonds International Hub in Dubai is indeed a historic occasion for us. The UAE has always supported our growth by offering a highly favorable environment for business advancement. The signing of the UAE-India CEPA elevated it to even greater heights. The elimination of import duties based on the landmark agreement encouraged us to expand to new global markets and strengthen our retail presence in existing markets such as the USA.”
“All current international operations, including those in the USA and the Far East will be managed from our new Dubai hub from now on. We extend our gratitude and appreciation to H.E. Bin Touq, Minister of Economy, for joining us on this momentous occasion. His visit becomes even more significant given his and his team's role in the establishment of the UAE-India CEPA,” he added.
K.P. Abdul Salam, Vice Chairman, Malabar Group, said: “The new international hub sees the convenience of our employees as a key priority and acknowledges the role played by each department in the smooth running of operations. It will help accelerate our efforts to achieve annual revenues of AED 10 billion in the next 12 – 18 months. We look forward to working closely with the UAE government and other key stakeholders in the ecosystem to support our foray into more global markets, while also contributing to strengthening Dubai's position as the City of Gold.”
Posted by : GoDubai Editorial Team
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Posted on : Thursday, March 23, 2023
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