Wednesday 17 April 2024

The MoU being signed

DMCC forges strategic alliance with WGC

DUBAI, March 5, 2024

Dubai Multi Commodities Centre (DMCC) has signed a Memorandum of Understanding (MoU) with the World Gold Council (WGC) Middle East, aimed at advancing the gold industry in the UAE and the wider region. 
The MoU outlines a comprehensive joint work programme, 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: “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. 
Scaling up
“This strategic alliance with WGC 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. 
David Tait, CEO, WGC, said: “Our joint programme of work with DMCC is an important component of our strategic Gold247 initiative that is focused on improving integrity and trust in the gold market around the world. We look forward to collaborating with DMCC to build a more accessible and trusted gold market for the benefit of all participants in the region and beyond.”
Pivotal market
Andrew Naylor, Head of Middle East and Public Policy, WGC, added: “The UAE is a pivotal market for the gold industry, acting as a major hub for trade, investment and innovation. Through our presence in the Middle East and our collaborative initiatives with key stakeholders such as the DMCC, we aim to enhance the gold market's integrity, transparency and efficiency. This programme is just the beginning of our long-term commitment to contribute to the integrity and improvement of the regional gold market."
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 centres for gold.--TradeArabia News Service


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