UAE takes steps to establish itself as global hub for gold

UAE takes steps to establish itself as global hub for gold

The UAE's Ministerial Development Council is “considering” the introduction of a Good Delivery Standard, which will be regarded as the benchmark for quality and technical specification for the production of gold.

It contains a set of rules describing the physical characteristics of gold used in settlement in the wholesale. The UAE Good Delivery Standard will also provide standards for creditworthiness, operational competency and appropriate production procedures, ensuring the production of high-quality gold.

This came as the council met in Qasr Al Watan in Abu Dhabi on Sunday. The meeting was chaired by Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.

The council discussed the “necessary means” to ensure further growth in the gold sector, which already accounts for 29 per cent of the total non-oil foreign trade exports of the country.

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The council also discussed establishing a special committee to supervise the UAE bullion market, along with a federal platform for gold trading and tracking, and a comprehensive database for all key players in the sector.

The initiatives come as a part of a larger policy designed to enhance the UAE's position as a global hub for