globalbizmag.com
In a major fillip to the Dubai’s gold industry, Dubai Multi Commodities Centre (DMCC) has signed a Memorandum of Understanding (MoU) with the World Gold Council (WGC) Middle East, solidifying a partnership aimed at advancing the industry in the UAE and the wider region.
The partnership comes alongside the formal opening of the WGC’s new office in Dubai, establishing a regional headquarters for the Middle East. Located in DMCC, the fastest growing and most interconnected free zone in the world, this expansion signifies WGC’s commitment to expanding its global footprint and engaging with one of the leading global trading centres for gold.
The MoU outlines a comprehensive joint work programme, focusing on key initiatives including tackling hand-carried gold in illicit trade, implementing an annual training plan for the gold industry, engaging bullion banks, establishing retail gold investment principles, and conducting consumer research in the gold market.
Dubai, which has been a thriving trade centre for several decades, has witnessed an exponential growth of its gold market to become a global gold trading hub during this period. The industry made a small beginning initially when traders bought and sold the yellow metal in small quantities at the city’s famous souks.
Dubai Gold Souk opened in the early 1900s with a handful of jewellers opening their businesses. However, the big break came when oil sales started to boom in 1970s catching the attention of international buyers and investors. The ever growing tourism industry also helped in the gold industry’s expansion and tons of gold are traded on a daily basis.
Strategic Alliance
Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, said that as one of the largest gold hubs in the world, Dubai has been playing a crucial role to play in advancing the global gold industry in line with the highest possible standards including the UAE Government’s responsible sourcing frameworks.
“This strategic alliance with the World Gold Council adds to a number of important agreements DMCC has brokered with gold industry leaders in recent years, underscoring our commitment to building and scaling up innovation, integrity, and sustainability. Together, we will set new standards of excellence and facilitate greater accessibility and trust for market participants globally,” he said.
The partnership between DMCC and WGC Middle East underscores a shared commitment to drive positive change throughout the entire gold value chain, facilitating the exchange of knowledge and professional expertise to advance innovation, research and development within the regional gold industry.
David Tait, CEO, World Gold Council, said that this joint programme of work with DMCC is an important component of our strategic Gold247 initiative that is focused on improving integrity and trust in the gold market around the world. We look forward to collaborating with DMCC to build a more accessible and trusted gold market for the benefit of all participants in the region and beyond.
Andrew Naylor, Head of Middle East and Public Policy, World Gold Council, also said that the UAE is a pivotal market for the gold industry, acting as a major hub for trade, investment and innovation. “Through our presence in the Middle East and our collaborative initiatives with key stakeholders such as the DMCC, we aim to enhance the gold market’s integrity, transparency and efficiency. This programme is just the beginning of our long-term commitment to contribute to the integrity and improvement of the regional gold market,” he added.
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