Ahmed Bin Sulayem unveils the UAEs first gold bullion coin
As a testament to Dubai Multi Commodities Centre Authority’s (‘DMCC’) continuous efforts to enhance and strengthen Indo-UAE gold trade, Ahmed Bin Sulayem, Executive Chairman of DMCC was invited to give the opening keynote speech at the 8th India InternationalGold Convention (‘IIGC’) which was held at the Leela Kempinski Kovalam Beach, in Kerala, Indiafrom the 19th to the 21st August 2011. The prestigious event was attendedby leading industry specialists from around the world.
This year’s IIGC focused on the latest trends and key issues facing the gold industry, including the ever increasing demand for gold bullion coins, especially in light of the recent global economic instability, as well asthe regulatory changes in the Chinese and Indian bullion markets.
Commenting on the event, Ahmed Bin Sulayem, Executive Chairman, DMCC said: “This event comes during an important period, a time when gold hasreached record valuationsand has cemented its position as a safe financial and monetary asset in all of its different forms, frombullion bars and coins bought by investors and Central Banks, to jewellery. Today we are witnessing the evolution of the gold trade between India and the UAE. As demand for the precious metal increases in the Middle East,Dubai, which used to export gold to India, has emerged as a netimporterof gold from India.”
At the convention Bin Sulayem profiled the long association between Dubai, the ‘City of Gold’, and India the world’s largest gold consuming nation. Gold trade through Dubai reached a record value of US $41 billion in 2010, up 18% from 2009. He then explained the role DMCC plays in facilitatingall aspects of the gold industry through a strong regulatory framework, state of art infrastructure,and innovative products and services. These include the Dubai Good Delivery Standard, one of the largest non-sovereign precious metals vaults, working gold refineries and jewellery manufacturing units, as well as the design and production of gold bullion coins. In addition, the Dubai Gold & Commodities Exchange(DGCX), a subsidiary of DMCC and the region’s first commodity derivatives exchange, provides a gold futures contract, a gold Exchange Traded Fundtraded on NASDAQ Dubai, and the Loan for Gold initiative launched in cooperation with Emirates NBD Bank.
Bin Sulayem also shared the prototype of the UAE’s first gold bullion coin which DMCC recently unveiledin an effort to meet the soaring appetite for gold as an investment. The five ounce “Khalifa” coin is adorned with a portrait of His Highness Sheikh Khalifa bin Zayed al Nahyan, President of the UAE on one side, and BurjKhalifa, the world’s tallest building, on the other.
“The coin represents two of the most popular asset classes, gold and property in UAE,” he said. “While some claim that gold will reach new and higher records, even going as far stating it may reach $3,000 or even the unimaginable $5,000, gold is at such highs now, it is possible that there could be a steep correction. Property in the UAE is an asset class that needs to be seriously looked at by end users and investors alike.The next attractive upward curve in my opinion is the property market in the Dubai, which I guarantee will be the next golden opportunity. The completed infrastructure and world class services will be testimony to its upward rise."
DMCC is the master developer and licensing authority for the Jumeirah Lakes Towers ('JLT') free zone, the UAE’s fastest growing free zone. Today, over 15,000 residents and over 10,000 people live in the 60 completed towers and work in the 3,300 companies registered at the free zone.
Earlier this month, Bin Sulayem inaugurated the 28th India International Jewellery Show, one of India’s most significant annual gold events.