Former Sudanese Minerals Minister: Alternative Markets Ready to Receive Sudanese Gold

Former Minister of Minerals, Mohamed Bashir Abu Namu, has downplayed the impact of the United Arab Emirates’ (UAE) recent decisions on Sudanese gold exporters, stressing that the impact will be minimal and short-term only.

In a statement to Al-Sudan, Abu Namu explained that the damage resulting from these decisions was limited to delaying procedures for exporting gold to alternative markets, noting that it will take some time to complete financial and banking arrangements with these markets.

Abu Namu stated that gold was a highly demanded global commodity and cannot be affected by a recession, which mitigates the impact of the imposed restrictions.

The former Sudanese Minister of Minerals indicated that approximately 95% of Sudanese gold produced was exported to the UAE. He considered the UAE itself to be the most affected by the halt in Sudanese gold exports, noting that there are alternative markets ready to receive Sudanese gold, such as other Gulf countries, Egypt, Turkey, Russia, India, and others.

Abu Namu attributed the Sudanese exporters’ connection to the UAE market to several factors, including the banking facilities provided, the presence of a branch of the Sudanese Al-Nilein Bank in the UAE, and the availability of raw gold refineries, as most Sudanese gold is exported as raw gold or at an incomplete level of refinement. He added that although the UAE does not produce any gold, Dubai’s markets are among the largest gold markets in the region. He asserted that alternative markets are capable of absorbing Sudanese gold exports, ensuring the continued flow of revenue despite UAE restrictions.