The mining industry in the Arab world is on the precipice of unprecedented development. As governments aim to diversify their economies, new mining codes and regulations have opened up a wave of private sector opportunities across several exciting countries.
For the last 30 years, oil and global finance have been the driving factors of UAE’s economy with its per capita GDP on par with leading West European countries. The GDP of the country was $407.6 billion (estimated) in 2017.
UAE has an open economy policy. In 2016, the top exports of the United Arab Emirates were Gold ($15.8B), Diamonds ($12.3B), and Raw Aluminium (4.22B). Its top imports are Gold ($31.9B) and Diamonds ($12.5B), with India being the UAE’s top trading partner, followed by Iran and Switzerland (source OEC).
Dubai Gold and Commodities Exchange (DGCX), a subsidiary of Dubai Multi Commodities Centre (DMCC), is a leading gold and other commodities trade centre in the world. In 2016, DGCX traded19.7M contracts worth $440B, an increase of 36 percent on 2015 (according to the DMCC 2017 Annual Report).
Realizing its mineral fuel potential, the government of UAE has increased spending in the sector for creating more jobs, expansion of infrastructure and opening up utilities to more involvement from the private sector.
Recently, Australia has struck a nuclear cooperation agreement with UAE to supply uranium for aiding the operations of four nuclear power plants that are expected to be functional by 2020.
Many minerals are currently mined in the United Arab Emirates, such as gypsum, copper, precious stones and metals, including salt and marble.
Minerals of the UAE have become a significant revenue item for the state treasury and, according to recent economic results, the trade of mining products continue to show positive annual dynamics.
Our mining group is locally recognized as a leading legal practice in the sector, providing tailored advice to prominent players throughout the mining industry in the United Arab Emirates and Africa. Yungo is able to offer a wealth of experience in mining transactions in every major mining region of the world.
Our aim is to find commercial solutions for investors in complex legal and regulatory regimes.
We provide advice on any aspect of mining and covers every aspect of the industry and every stage of the project lifecycle.
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