DMCC and World Gold Council Collaborate to Propel UAE Gold Industry Forward

DMCC and the World Gold Council have joined forces in a memorandum of understanding (MoU) to drive forward the gold industry in the UAE

Post By : IJ News Service On 06 March 2024 1:39 PM

DMCC and the World Gold Council (WGC) Middle East have signed a Memorandum of Understanding (MoU) to propel the gold industry forward in the UAE and the wider region. This strategic partnership outlines a joint work program focusing on key initiatives such as combating illicit trade in hand-carried gold, implementing annual training plans for the gold industry, engaging bullion banks, establishing retail gold investment principles, and conducting consumer research in the gold market.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC, emphasized the importance of Dubai's role as a significant gold hub, committed to advancing the global gold industry while upholding the highest standards, including responsible sourcing frameworks set by the UAE Government. This collaboration with the World Gold Council reinforces DMCC's dedication to innovation, integrity, and sustainability within the gold industry.

The partnership between DMCC and WGC Middle East reflects a shared commitment to driving positive change across the entire gold value chain, fostering the exchange of knowledge and professional expertise to promote innovation, research, and development within the regional gold industry.

David Tait, CEO of the World Gold Council, highlighted the joint program of work with DMCC as a crucial aspect of their strategic Gold247 initiative, aimed at enhancing integrity and trust in the global gold market. The collaboration seeks to build a more accessible and trusted gold market for the benefit of participants in the region and beyond.

Andrew Naylor, Head of Middle East and Public Policy at the World Gold Council, emphasized the UAE's pivotal role in the gold industry, acting as a major hub for trade, investment, and innovation. The partnership with DMCC aims to enhance the integrity, transparency, and efficiency of the gold market in the region, contributing to its long-term improvement.

This collaboration coincides with the formal opening of the WGC's new office in Dubai, establishing a regional headquarters for the Middle East.

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