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 between DMCC & WGC outlines a comprehensive joint work program, 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.
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.
Ahmed Bin Sulayem Executive Chairman & CEO DMCC
“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. Together, we will set new standards of excellence and facilitate greater accessibility and trust for market participants globally.”
David Tait, CEO of World Gold Council, said that, “Our joint program 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.”
Andrew Naylor, Head of Middle East and Public Policy, World Gold Council, commented that, “The UAE is a pivotal market for the gold industry, acting as a major hub for trade, investment and innovation. 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 program is just the beginning of our long-term commitment to contribute to the integrity and improvement of the regional 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. Located in DMCC, the fastest-growing and most interconnected free zone in the world, this expansion signifies WGC’s commitment to expanding its global footprint and engaging with one of the leading global trading centers for gold.
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