UAE takes steps to establish itself as global hub for gold

Abu Dhabi - Ministerial council discusses establishing a special committee to supervise the UAE bullion market.

By Wam

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Reuters file photo.
Reuters file photo.

Published: Sun 6 Dec 2020, 7:38 PM

Last updated: Sun 6 Dec 2020, 7:46 PM

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.

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 gold trading and to ensure the best governance, sustainability and innovation practices.

The council addressed ways to increase the volume of imports and re-exports of agricultural and livestock consignments and to ensure the application of the best agricultural and veterinary quarantine.

The council stressed that the UAE government is keen to strengthen the non-oil sectors by encouraging innovation; updating legislation and regulatory frameworks; and encouraging sectors with high added value.

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