Aug 16 2011 |
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UAE's first gold bullion coin unveiled
By Staff Report DUBAI -- In recognition of the visionary leadership of the President, His Highness Shaikh Khalifa bin Zayed Al Nahyan, and His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and following the success of its 'Visions of Dubai' gold coins initiative, the Dubai Multi Commodities Centre Authority, DMCC , the Government of Dubai entity dedicated to enhancing commodity trade flows through Dubai, unveiled on Monday the prototype of the first gold bu-llion coin in the UAE.Designed by DMCC , the "Khalifa" coin features a portrait of Shaikh Khalifa 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.
"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.
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 SA 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.
© Khaleej Times 2011
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