Saudi Arabia plans to purchase gold from Sudan, which may affect the dominant position of the United Arab Emirates

On January 29th, it was reported that Saudi Arabia plans to purchase gold from Sudan in order to weaken the UAE's long-term dominant position in Sudan's gold exports. The Sudanese military government previously mainly exported gold to the United Arab Emirates, exporting approximately 10.9 tons of gold worth $1.05 billion in the first nine months of 2024, with the vast majority going to the UAE. Sudan accuses the United Arab Emirates of intervening in the civil war and severing diplomatic ties, and is seeking new export channels. Sudan's state-owned mineral resources company has revealed that Saudi Gold Refining Company has expressed its intention to immediately acquire gold, but the size and timing of the transaction have not been disclosed, and Saudi officials have not responded. Analysis suggests that Saudi Arabia is unlikely to completely replace the UAE in the short term, but it may affect the structure of Sudan's gold flow.