Dubai: The World Gold Council (WGC) and Dubai Multi Commodities Centre (DMCC), have signed a Memorandum of Understanding (MoU) to further the gold sector in the United Arab Emirates and the wider region.
The MoU outlines a comprehensive joint work program, focusing on key initiatives including tackling hand-carried gold in illicit trade, implementing an annual training plan for the gold industry, engaging bullion banks, establishing retail gold investment principles, and conducting consumer research in the gold market.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said that, “As one of the largest gold hubs in the world, Dubai has a crucial role to play in advancing the global gold industry in line with the highest possible standards including the UAE Government’s responsible sourcing frameworks.
This strategic alliance with the World Gold Council adds to a number of important agreements DMCC has brokered with gold industry leaders in recent years, underscoring our commitment to building and scaling up innovation, integrity, and sustainability. Together, we will set new standards of excellence and facilitate greater accessibility and trust for market participants globally.”
The partnership between DMCC and WGC Middle East underscores a shared commitment to drive positive change throughout the entire gold value chain, facilitating the exchange of knowledge and professional expertise to advance innovation, research and development within the regional gold industry.
The partnership comes alongside the formal opening of the WGC’s new office in Dubai, establishing a regional headquarters for the Middle East. Located in DMCC, the fastest growing and most interconnected free zone in the world, this expansion signifies WGC’s commitment to expanding its global footprint and engaging with one of the leading global trading centers for gold.