Dubai Multi Commodities Centre (DMCC) has proposed to the UAE Central Bank, the launch of a legal tender gold coin which if approved, will be the first of its kind in the Middle East.

Existing legal tender gold coins such as the Australian Nugget and the South African Krugerrand are popular among buyers as a vehicle to invest in pure gold.

The proposed design depicts the image of the UAE President Sheikh Khalifa Bin Zayed Al Nahyan, on one side of the coin and that of the Burj Khalifa, the world’s tallest tower in Dubai, on the other.

The recently inaugurated tower was dedicated to the leadership of Sheikh Khalifa by Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, on the anniversary of his accession on January 4, 2010.

The 828–metre Burj Khalifa is a symbol of international co-operation, an unparalleled fete of engineering and a work of art. The tallest free standing man-made structure, with over 160 storeys, is also one of the most recognised landmarks in the world. 

Ahmed Bin Sulayem, DMCC executive chairman, said: 'We are confident that this design represents the face of modern UAE and its aspirations. This is a great time to launch a reliable, easily transacted legal tender gold coin, since the current level of interest in gold investment is the highest it has ever been globally, the timing couldn’t be better.'

'As the only commodities centre in the region, DMCC has all the required expertise and experience to lead such a prestigious, path-breaking project. We would consider it a unique honour to be associated with it,' he added.

DMCC had launched the UAE’s first souvenir, commemorative gold coin in September 2007, under the ‘Visions of Dubai’ series.

The 22-carat coin that was available in 34 gram, 17 g, 8.5 g and 3.4 g, proved to be highly popular with buyers.

Designed to reflect Dubai’s visionary leadership and the emirate’s innovative projects, the first edition carried the image of Sheikh Mohammed Bin Rashid Al Maktoum on one side and that of Burj Al Arab, the iconic landmark, on the other.

A second series of the ‘Visions of Dubai’ coin in 24 carat gold carries the image of  Sheikh Mohammed’s image on one side and that of the Palm Jumeirah, the world famous island development.-TradeArabia News Service