The UAE, which accounts for 11 percent of total global gold exports, recently adopted four new initiatives aimed at strengthening its position as a leading global hub for the gold and precious metals trade.
In a statement, Abdulla Bin Touq Al Marri, the UAE's Minister of Economy, highlighted developments at the Ministerial Development Council, headed by Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, which set out a new policy that aims to develop the governance of the gold trade in the country to match the best international standards.
During its session held under the chairmanship of Sheikh Mansour on December 6, 2020, the Ministerial Development Council adopted 4 new initiatives aimed at strengthening the UAE’s position as a global hub for gold trade. These include the establishment of the UAE standard for delivery of gold, development of a federal platform for gold trade, establishing a committee for the UAE bullion market, and building a database for companies and individuals trading gold.
The new policy was developed by the Ministry of Economy in partnership with several concerned entities, foremost among which is the Ministry of Foreign Affairs and International Cooperation, the Securities and Commodities Authority, the Federal Customs Authority and the Dubai Multi Commodities Center.
“The new policy represents an important milestone in the UAE’s efforts towards establishing a stable environment for gold trading in the country. The policy will enhance the UAE’s position as a leading hub in the global gold and precious metal trading landscape, in addition to maximizing the sector’s contribution to increasing the non-oil GDP and driving the national economic growth,” Abdulla bin Touq, said.
H.E. Abdulla Bin Touq Al Marri, UAE Minister of Economy
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, stated that the UAE represents a leading and attractive destination in the international gold and precious metals trading landscape. He said that gold trade accounts for more than 29 per cent of the total national non-oil exports.
Al Zeyoudi reiterated that the development of legislation and regulations governing trade and supporting the business and investment activities in this vital sector along with the launch of the four initiatives within the framework of the country’s new gold policy, are considered crucial towards enhancing the competitiveness of this product.
"These measures will ensure that the UAE has the highest quality gold standard and will generate opportunities for investments in the gold and precious metals sector, thereby enhancing its role among the key economic diversification pillars," he said.
(Reporting by Seban Scaria; editing by Daniel Luiz)
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