‘US-Iran war has not affected Zimbabwe gold exports to UAE’

By Nkosana Dlamini

Finance Deputy Minister David Kuda Mnangagwa has played down concerns that the ongoing conflict between the US/Israel and Iran in the Middle East has affected gold exports by Zimbabwe to the UAE.

Mnangagwa told parliament on Wednesday that the government of Zimbabwe has not received any red flags yet from Fidelity Printers suggesting a crisis.

He said Zimbabwe still has enough alternative markets in the globe to trade the precious metal should the Middle East route be blocked.

The US/Israel-Iran war which started 28 February 2026 with fierce airstrikes on Iran, has disrupted global air travel after Dubai airport, the hub of international travel in the Middle East, has been forced to scale down its operations following retaliatory strikes on the US ally by Iran.

Global oil exports have also suffered significantly after Iran blocked the famous Strait of Hormuz in a bid to pressure the US and Iran to stop shelling its critical infrastructure.

The waterway is critical to global trade as it is one of the world’s busiest oil shipping channels.

Asked Wednesday by MPs if the situation has not affected gold shipments to the UAE, Mnangagwa played that down saying the Zimbabwe government has not received any red flags suggesting any challenges.

“We have not received any red flags or concerns from Fidelity Printers and Refineries, which is the sole agent that sells our gold, that would warrant any policy intervention.

“It is an issue that all agencies are consistently and constantly keeping an eye on.

“Right now, no measures have been found to be needed for our trade of gold. We still see a smooth flow. When that happens, I am sure the agency, that is Fidelity, has other markets to buy, not only trading of gold.

“Gold is a commodity that, is desired globally. So, I am sure we would not face any challenges if this continues.

Mnangagwa added, “If there is a need to reroute our bullion to other markets, there is huge demand for gold globally. So, I do not believe that we will face any challenges with selling the gold that we produce as a country. Thank you.

Further asked if Zimbabwe would consider rejoining the London Bullion Market so that at least we maximise our earnings and also diversify our markets, Mnangagwa said currently, UAE was offering the best value for Zimbabwe’s gold

“…All alternatives are always open and where we can get the best price for our gold is where Government will endeavour to make sure that we have the best relations and engagements.

“So, when it comes to this trade of gold, that Fidelity is concerned about is making sure that we get the best price for our gold and that we give the best price to our miners.

“The arena of gold trading is vast and has widened so much that it extends beyond just the London Bullion Market, but if there are engagements that are going on and the LBM is offering good prices, I am sure Fidelity has the responsibility of making sure that we get back and join the LBM.”