[Saudi Arabia Plans to Procure Gold from Sudan, Challenging UAE's Dominance] BlockBeats News, January 29: The geopolitical and economic rivalry between Saudi Arabia and the UAE is extending into the gold trade sector. Reports indicate that Saudi Arabia plans to procure gold from war-torn Sudan to weaken the UAE's long-standing dominance in Sudan's gold exports. The Sudanese military government has primarily exported gold to the UAE in the past. Official data shows that in the first nine months of 2024, Sudan exported approximately 10.9 tons of gold, valued at $1.05 billion, with the vast majority flowing to the UAE. However, after Sudan accused the UAE of interfering in its civil war and the two countries officially severed diplomatic ties last year, Sudan has been actively seeking new export channels. Sudan's state-owned mineral resources company revealed that Saudi Gold Refinery Company has informed the Sudanese government of its readiness to "immediately begin purchasing gold." The scale and timeline of the related transactions have not yet been disclosed, and Saudi officials have not responded. Analysts point out that this move signifies a further escalation in tensions between Saudi Arabia and the UAE and could open a new front of competition in the commercial sector. However, some believe that Saudi Arabia is unlikely to completely replace the UAE's central role in Sudan's gold trade in the short term, and this move is more of a political statement. Amid ongoing civil war and financial pressures, gold revenue is critical for Sudan. Officials have estimated that approximately 80% of gold production may be lost to smuggling, causing the country to lose up to $5 billion annually. With Saudi Arabia increasing its involvement, the flow of Sudanese gold may undergo new structural changes.