{"id":99715,"date":"2025-10-22T04:32:00","date_gmt":"2025-10-22T04:32:00","guid":{"rendered":"https:\/\/sotnews.agency\/?p=99715"},"modified":"2025-10-22T04:32:00","modified_gmt":"2025-10-22T04:32:00","slug":"sudan-pound-suffers-as-de-facto-uae-flight-ban-hits-gold-exports","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=99715","title":{"rendered":"Sudan pound suffers as de facto UAE flight ban hits gold exports"},"content":{"rendered":"
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The Sudanese pound has shed nearly two-fifths of its value after a de facto\u00a0embargo on flights\u00a0from the army\u2019s wartime capital, Port Sudan, into the United Arab Emirates disrupted the vital gold trade, traders and Sudanese officials said.<\/p>\n

The army relies on the UAE for hard currency from gold exports, but also accuses it of backing the rival Rapid Support Forces paramilitary in a two-and-a-half-year\u00a0civil war\u00a0that has killed tens of thousands and displaced millions.<\/p>\n

The UAE, which denies\u00a0backing the RSF\u00a0but has increasingly fraught relations with the army-led government, stopped in early August all commercial flights from Port Sudan, the nation\u2019s main conduit for international trade, according to the Sudanese Civil Aviation Authority and flight tracking data.<\/p>\n

It also halted shipping traffic via UAE ports to and from Sudan, according to shipping notices and five industry sources.<\/p>\n

A resulting decline of legal gold exports from areas under the Sudanese army\u2019s control drove the pound\u2019s value down from 2,200 to 3,600 per dollar, three gold and currency traders said.<\/p>\n

It was worth 600 before the war began in April 2023.<\/p>\n

Authorities in the UAE, which is the world\u2019s second largest gold trading hub, did not respond to requests for comment.<\/p>\n

But in August the UAE did accuse Sudan\u2019s army of an increase in false accusations and propaganda, without giving specifics.<\/p>\n

Sudan\u2019s finance ministry did not respond to a request for comment.<\/p>\n

The pound\u2019s plunge reveals the depth of Sudan\u2019s economic reliance on the UAE despite a\u00a0breakdown\u00a0of\u00a0diplomatic relations.<\/p>\n

According to Sudanese central bank data, the UAE imported almost 90% of Sudan\u2019s legal gold exports, about 8.8 tonnes, in the first half of 2025. These exports brought in almost $840 million, Sudan\u2019s largest export by far.<\/p>\n

The Sudanese government has used these exports to finance imports of strategic commodities like fuel and wheat, prices for which have shot up since August in army-controlled territory, according to residents.<\/p>\n

Traders say the UAE is also the destination for Sudan\u2019s smuggled gold, which accounts for four times more than official production, according to Mubarak Ardol, the former head of the Sudan Minerals Corporation.<\/p>\n

Both the army and RSF are involved in smuggling, according to analysts and trade sources.<\/p>\n

RELIANCE ON UAE<\/h2>\n

Sudan\u2019s reliance on the UAE became entrenched after U.S.\u00a0sanctions\u00a0from the late 1990s made dealing with most international banks impossible.<\/p>\n

Dubai Islamic Bank is the largest shareholder in Sudan\u2019s main bank Bank of Khartoum and most government transactions go through the Abu Dhabi branch of Sudan\u2019s El Nilein Bank.<\/p>\n

The UAE\u2019s gold refining capacity is also well beyond that of other regional countries. Ardol said UAE gold importers facilitate trade by offering advanced payments.<\/p>\n

Suliman Baldo, head of the Sudan Transparency and Policy Tracker, said Port Sudan authorities and traders had been exploring pathways for alternate markets in Qatar, Oman, Egypt and Saudi Arabia but none had worked out so far.<\/p>\n

However, the UAE embargo has pushed more smuggled gold to Egypt, most of which ultimately ends up in the UAE, according to Baldo and four traders.<\/p>\n

\u201cEgypt is the biggest gainer. Gold gets re-exported in large amounts to the UAE, and all the benefit of the difference goes to Egypt,\u201d Baldo said.<\/p>\n

Marc Ummel, who researches the gold trade for NGO Swissaid, said that some of Sudan\u2019s legal gold exports have also, since August, been diverted to Qatar and Oman, but those too ultimately land in the UAE.<\/p>\n<\/div>\n

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