The move aims to facilitate gold trade in the Middle East
The World Gold Council (WGC), headquartered in London, UK, has opened a new office in Dubai, serving as its regional headquarters for the Middle East region.
The office is in the Dubai Multi Commodities Centre (DMCC) free zone in Dubai City, one of the largest gold trading centres in the world.
The office’s opening follows the signing of a Memorandum of Understanding (MoU) between the WGC and DMCC, which outlines collaborative efforts to advance the gold trading sector in the UAE.
Key initiatives of the MoU include tackling challenges associated with hand-carried gold, developing an annual training plan for bullion industry professionals, formal engagement with bullion banks, developing and deploying the WGC’s retail gold investment principles, and conducting comprehensive gold market research.
‘Crucial role to play’
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 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.”
David Tait, CEO of the World Gold Council, said: “Our joint programme of work with the DMCC is an important component of our strategic Gold247 initiative, which is focused on improving integrity and trust in the gold market around the world. We look forward to collaborating with the DMCC to build a more accessible and trusted gold market for all participants in the region and beyond.”
‘Pivotal market’
Andrew Naylor, Head of Middle East and Public Policy, World Gold Council, said: “The UAE is a pivotal market for the gold industry, acting as a central hub for trade, investment, and innovation.
“We aim to enhance the gold market’s integrity, transparency, and efficiency through our presence in the Middle East and collaborative initiatives with key stakeholders such as the DMCC. This programme is just the beginning of our long-term commitment to contribute to the integrity of the global gold market and improving the regional gold market.”
The World Gold Council is a membership organisation that promotes gold’s role as a strategic asset, shaping the future of a responsible and accessible gold supply chain.
Featured image: (L-R) David Tait and Ahmed Bin Sulayem pose after signing the MoU between the WGC and DMCC. Credit: WGC
