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For over a century, traders have travelled to Dubai Souk's in search of spices, pearls and gold. With such a strong trade, Dubai became known as the city of Gold. In the first nine months of 2020, gold trade in the country was valued at 41 billion euros, according to Dubai Customs. It's the most lucrative export after oil. The city has capitalized on its geographical position by setting up gold vaults, jewellry making facilities and refineries.