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UAE-based refiner SAM Precious Metals plans to build around 13 refineries globally, and the market is expected to grow at a compound annual growth rate of 8.1%, with revenue of around $415.3 billion by the end of 2028.
The main goal of opening 13 refineries around the world is to connect producing and consuming countries. The company plans to build SAM Precious Metals’ global footprint and build the company into an international brand.
Established and headquartered in the city of gold, Dubai, SAM Precious Metals is one of the top gold and silver refineries in the UAE, with high-end and state-of-the-art facilities in Dubai and Egypt, and is globally recognized in the industry.
Middle East Precious Metals Refining Market
The Middle East precious metals refining market size is expected to reach USD 25.3 billion by 2027 after growing at a compound annual growth rate (CAGR) of 6% during the forecast period 2022-2027. Precious metals come in a variety of product types, including gold, iridium, silver, platinum, palladium, ruthenium, and more. They are used in a wide range of applications including jewelry, watches, catalysts, automobiles, electronics, antimicrobials and other similar applications.
According to a recent study by BlueWeave Consulting, a strategic consulting and market research firm, the global precious metals market will be worth $240.5 billion in 2021. The global precious metals market is booming due to increasing demand from end-use industries.
Sami Abu Ahmad, chairman of SAM Precious Metals, said the company recently signed a 10-year contract to procure a 65,000-square-foot facility in Dubai Production City. Together with the current refinery, this will bring the company space to approximately 87,000 square feet, making SAM one of the largest refineries in the world. It’s not just about capacity, it’s about value-added products.
market leader
Mohammad Ayyob, General Manager of SAM Precious Metals, said: “SAM’s main focus is not only to establish itself as a key player in the gold industry, but to position itself as a market leader in developing value-added products with application value. In jewellery, catalysts, Pharmaceutical, electronics, automotive and aerospace industries.”
Currently, SAM offers ingots in different shapes and trademarks from 1 gram to 250 grams. SAM currently holds five exclusive trademarks and will begin production of precious chemicals for the precious metals industry.
Ayyob further added: “The goal of establishing the 13 refineries is to ensure that SAM can meet the specific requirements of each market, while adhering to the best international standards and regional regulations.”
Quality product
Ahmad Abu Ahmad, Deputy General Manager of SAM Precious Metals, said: “We want to provide our customers with the highest quality products and services at competitive prices and timing. We want to ensure that SAM Precious Metals is one of the top refineries in the world.”
The company has already completed the initial phase of opening the refinery. Along with Dubai, it opened a refinery in Egypt in 2021.
“We are very confident that all the goals will be achieved very soon. We have expanded into Egypt and hopefully there will be more,” Ahmed added.
The company believes in being environmentally responsible and is working hard to take steps to conserve energy and control the amount of pollution. Ahmad said: “SAM’s plant does not generate waste. All solid waste is sent to the ash refinery for recycling; we have a water recovery plant within our plant and all gases produced from the process are closely monitored , and make sure to stay within the limits set by the government.”- arab trade news agency
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