From ancient times to modern-day “treasure hunts,” gold is a precious metal that carries a strong historical legacy, the ultimate symbol of wealth and power. It is part of the cultural and commercial fabric of certain places, such as Dubai. At the end of January, the city in the United Arab Emirates announced the creation of the Dubai Gold District, a project developed by Ithra Dubai that plans to host more than a thousand retail spaces and leading luxury brands. Among its main attractions is an unprecedented and, at the very least, extravagant proposal: a street covered in gold. However, the war in Iran could impact the region’s plans.
Known for its towering skyscrapers and large-scale shopping malls, the emirate is now investing in one of the symbols most associated with luxury to strengthen its appeal as a tourist destination. Traditionally a destination for elites and great fortunes, and already known as the “capital” of millionaires, Dubai aims to broaden its reach to mass tourism by offering striking visual experiences—such as the iconic golden frame—designed to capture visitors’ attention and encourage sharing on social media, for example.
According to local officials cited in a statement from the Dubai Media Office, the new district is expected to facilitate access for investors and operators to one of the most “dynamic and reliable” gold markets in the world. Government data shows that between 2024 and 2025, the United Arab Emirates exported around $53.4 billion worth of gold, with destinations including Switzerland, United Kingdom, India, Hong Kong, and Turkey, positioning itself as the world’s second-largest hub for physical gold trade.
The launch of the project therefore comes at a time of growing international relevance for the country, bringing together a wide range of international and regional brands and offering a broad diversity of products and services for buyers, traders, and investors. Among the most emblematic elements of the development is the future “Gold Street,” announced as the first street in the world built using gold, expected to serve as a distinctive tourist attraction.
Conflict impacts real estate
Nevertheless, the geopolitical context—namely the war in Iran—could compromise these prospects, as reported by El País. Iranian attacks on U.S. bases in Dubai, in response to actions by the United States and Israel, have already caused disruptions in air traffic and impacted trade connections with strategic markets such as India and China. If instability in the Gulf persists, the effects on Dubai’s economy could become more evident.
The conflict has also shaken markets across the region and is already causing a slowdown in the real estate sector. According to Investing.com, citing a note sent by Goldman Sachs to its clients, transactions in the Emirates have weakened sharply since the start of the war—falling 31% year-on-year in the first half of March and 51% compared to the previous month.