Political Metals

Qatar News Agency | Aug 16, 2011

Dubai, August 16 (QNA) - Dubai Multi Commodities Centre Authority (DMCC) unveiled yesterday a prototype of the first gold bullion coin in the United Arab Emirates. DMCC is also currently in discussions with the UAE Central Bank to designate the coin as legal tender in the UAE, the UAE daily (Gulf News) reported.

In a statement, the DMCC said that the coin was in recognition of the visionary leadership of Sheikh Khalifa bin Zayed Al Nahyan, President of the United Arab Emirates and Sheikh Mohammad bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai. The “Khalifa” coin features a portrait of Sheikh 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,” Executive Chairman of DMCC Ahmad bin Sulayem said.

“The gold bullion coin pays homage to our President, His Highness Sheikh Khalifa Bin Zayed Al Nahyan, his vision, guidance and leadership,” he said. 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 noted.

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. (QNA) LY