UAE Ban on Sudan Trade Spurs Hunt for Alternative Gold Markets
Pieces of gold in Port Sudan.
Photographer: Eduardo Soteras/BloombergA United Arab Emirates ban on all trade with Sudan has badly impacted the North African nation’s gold exports, spurring it to seek alternative buyers in Oman and elsewhere.
The UAE is Sudan’s biggest trading partner, with two-way flows totaling $2.2 billion last year, International Monetary Fund data shows. While Sudan’s military-backed government formally cut ties with the UAE in June for allegedly arming the paramilitary Rapid Support Forces, its adversary in a civil war, the Gulf nation remained a key market for its bullion. The UAE denies aiding the RSF.