The Dubai Multi Commodities Center (DMCC) and the World Gold Council (WGC) have signed a Memorandum of Understanding (MoU) to advance the gold industry in the UAE and the wider region.
The two entities plan to conduct a comprehensive joint work programme. The key initiatives include 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.
The partnership comes alongside the formal opening of the WGC’s new office in Dubai, establishing a regional headquarters for the Middle East.
"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," said Andrew Naylor, Head of Middle East and Public Policy at WGC.
"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," Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC, noted.
"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."
Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished
