DMCC – the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise – has signed a Memorandum of Understanding (MoU) with the World Gold Council (WGC) Middle East, solidifying a partnership 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 of DMCC, emphasized Dubai's significant role in advancing the global gold industry in adherence to the highest standards, including the UAE Government's responsible sourcing frameworks. The collaboration with the World Gold Council reinforces DMCC's dedication to fostering innovation, integrity, and sustainability, aiming to establish new benchmarks and enhance accessibility and trust for global market participants.
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 of the World Gold Council, highlighted the significance of their collaborative efforts with DMCC as part of the strategic Gold247 initiative, aimed at enhancing integrity and trust in the global gold market.
Andrew Naylor, Head of Middle East and Public Policy at the World Gold Council, emphasized the pivotal role of the UAE in the gold industry, expressing their commitment to working with DMCC to improve integrity, transparency, and efficiency in the regional market, with this program marking the beginning of their long-term dedication.
News Source: Dubai Media Office
