The Souk is scheduled to open in phases with the first phase of the market set to open by April 2021.
The new Gold Souk is set to feature more than 250 jewellery and non-jewellery retail stores. Tawhid Abdullah, Chairman, Dubai Gold & Jewellery Group, said: “The new gold souk is very much on track. A lot of new companies from around the world have signed the contract in January. We will be opening the first phase of the market by April 2021 and we will see full opening by July 2021.”
Despite being hit hard by the global pandemic, the gold industry was amongst the first to recover and gold prices have seen historic highs in the past year with rate shooting up by as much as 15 – 20 per cent, meaning that gold remains an exceptionally sought-after commodity.
