DMCC unveils UAE’s 1st gold bullion coin
Dubai, August 15, 2011
Dubai Multi Commodities Centre Authority (DMCC), the Government of Dubai entity for enhancing commodity trade flows through Dubai, has unveiled the prototype of the first gold bullion coin in the UAE.
Designed by DMCC, the “Khalifa” coin features a portrait of UAE President HH Sheikh Khalifa Bin Zayed Al Nahyan on one side, and on the other, Burj Khalifa, the world’s tallest tower.
DMCC is also in discussions with the UAE Central Bank to designate the gold bullion coin as the first legal tender in the UAE and the Middle East as a whole.
A national legal tender gold coin will stand as an internationally recognised symbol of pride and recognition of the UAE’s achievements much like the Canadian Maple Leaf, Australian Nugget, South African Krugerrand and others.
“This innovative gold bullion coin was conceived to satisfy the demands from investors seeking access to gold as protection against the ongoing global economic uncertainty. The gold bullion coin pays homage to our President HH Sheikh Khalifa, his vision, guidance and leadership,” said Ahmed Bin Sulayem, executive chairman of DMCC.
“The Burj Khalifa is a symbol of the UAE as a progressive, innovative nation that whilst rich in heritage and traditions continually works to build a modern developed society. In this way the gold bullion coin stands as a national emblem which reflects the determination and achievements of the UAE federation.”
“Our past two series of souvenir gold coins have been a huge success and we foresee that a gold bullion coin will attract great interest, especially as gold remains seen as one of the safest investment vehicles globally,” he continued.
“DMCC is proud to have designed this gold bullion coin, and look forward to working with the different related parties to make this unique product further testimony of the UAE’s leadership in innovation,” Bin Sulayem concluded.
The new gold “Khalifa” coin will carry DMCC’s stamp of quality and authenticity.
The five-ounce coin prototype, which was unveiled in a special ceremony attended by senior representatives in the gold trade industry, was minted by Argor-Heraeus in Switzerland, which is accredited by the DMCC’s Dubai Gold Delivery (DGD) standard.
The DGD gold standard, launched by DMCC in 2005, is the adopted quality standard for gold and silver bars production and technical specifications in the region and is benchmarked to international standards. – TradeArabia News Service