UAE – Mubasher: Dubai Multi Commodities Centre (DMCC) has signed a memorandum of understanding (MoU) with the World Gold Council (WGC) Middle East to boost the gold industry in the UAE and the MENA region.

The MoU involves a comprehensive joint work programme consisting of a group of initiatives, including addressing hand-carried gold in illicit trade and implementing an annual training plan for the gold industry, according to a press release.

The collaborative programme also includes involving bullion banks, setting up principles for retail gold investment, and conducting consumer research within the gold market.

WGC’s New Office in Dubai

Moreover, the WGC has opened a new office in Dubai and regional headquarters for the Middle East at the DMCC.

The strategic expansion underscores WGC's dedication to strengthening its global presence and connecting with one of the largest trading hubs for gold worldwide.

Ahmed Bin Sulayem, Executive Chairman and CEO of 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.”

“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,” Bin Sulayem added.

David Tait, CEO of World Gold Council, commented: “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,” Tait noted.

In 2022, DMCC partnered with Comtech Gold to digitise the trading of gold by tokenising the precious metal backed by physical gold bars.