Dubai free zone inks deal for region’s largest precious metals refinery

Dubai free zone inks deal for region’s largest precious metals refinery

Dubai Multi Commodities Centre (DMCC) has announced the signing of a sale and purchase agreement with REIT Development to establish the largest precious metals refinery and storage facility in the Gulf region.

The facilities will also be the first to be completely enabled by blockchain in the GCC, DMCC said in a statement.

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As part of the agreement, REIT Development has acquired industrial land located in DMCC's Jumeirah Lakes Towers business district, it added.

The facility will refine and store precious metals including gold, silver, platinum, palladium and rhodium, which will be tokenised on goldexchange.com.

Gold Exchange DMCC, a secured trading platform, will provide access to financial assets in the form of stablecoins namely GoldCoin, SilverCoin, PlatinumCoin, PalladiumCoin and RhodiumCoin. Each Ethereum-based token will represent the current value of one gram of each metal and can be traded on the exchange.

The tokens will be physically backed by the precious metals at DMCC's secure storage facility, meaning they can be traded with confidence.

Ahmed Bin Sulayem, executive chairman and CEO, DMCC, said: “The gold and precious metals industry is at a tipping point, but without a doubt there are boundless opportunities