DUBAI: The Dubai Multi Commodities Center Authority (DMCC) unveiled the prototype of the first gold bullion coin in the UAE Monday.
The "Khalifa" coin, designed by the authority, features a portrait of UAE President Sheikh Khalifa bin Zayed Al-Nahyan on one side, and on the other, Burj Khalifa.
"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," said DMCC Executive Chairman Ahmed bin Sulayem.
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.
The DMCC is a government-owned entity dedicated to enhancing commodity trade flows through Dubai.
The executive chairman added: "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 said 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."
The new gold coin will carry the 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.
© Arab News 2011
