Dubai: Dubai Multi Commodities Centre Authority (DMCC) Monday unveiled a prototype of the first gold bullion coin in the UAE.
DMCC is also currently in discussions with the UAE Central Bank to designate the coin as legal tender in the UAE.
In a statement the DMCC said the coin was “in recognition of the visionary leadership of His Highness Shaikh Khalifa Bin Zayed Al Nahyan, President of the United Arab Emirates and his His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.”
The “Khalifa” coin features a portrait of His Highness Shaikh Khalifa on one side, and on the other, Burj Khalifa, the world’s tallest tower.
“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 Ahmad Bin Sulayem, Executive Chairman of DMCC.
“The gold bullion coin pays homage to our President, His Highness Shaikh Khalifa Bin Zayed Al Nahyan, his vision, guidance and leadership.
He said Burj Khalifa is a symbol of the UAE as a progressive, innovative nation that, while rich in heritage and traditions, continually works to build a modern developed society.
“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.
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.
