DMCC to set up 1st blockchain-enabled precious metals refinery in GCC region

By Shilpa Annie Joseph, Desk Reporter
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Precious Metal Refinery Plant
Representational Image

UAE-based commodity marketplace Dubai Multi Commodities Centre (DMCC) has signed a sale and purchase agreement (SPA) with REIT Development to construct the GCC region’s first blockchain-enabled precious metals refinery and storage facility in Dubai.

As part of the agreement, REIT Development has acquired industrial land strategically situated in DMCC’s Jumeirah Lakes Towers (JLT) vibrant business district.

DMCC has several premium plots for sale in JLT, which are attracting a lot of interest from a wide range of buyers and developers looking for a dynamic place to do business. Gold, silver, platinum, palladium, and rhodium will be refined and stored at the factory and will be tokenized on Gold Exchange, according to the company statement

The first-of-its-kind facility by REIT Development, a company that specializes in precious metals and blockchain technology, will be completed in the last quarter of 2022.

Ahmed Bin Sulayem
Ahmed Bin Sulayem
Executive Chairman & CEO
DMCC

“The gold and precious metals industry is at a tipping point, but without a doubt, there are boundless opportunities that lie beneath the uncertainty of a post-pandemic world. Signing this agreement with REIT Development underscores the crucial role that DMCC plays in tapping the UAE and the emirate on the world map as a leader in the precious metals industry through the deployment of cutting-edge technology such as blockchain. The gold and precious metals industry is expected to witness significant growth in the coming period and through similar agreements, we can advance the industry as a whole.”

Mike De Vries, Chief Operation Officer of REIT Development said, “Blockchain technology can enable more transparent and accurate tracking of precious metals, ensuring there is no ‘dirty gold’ in circulation and illicit trades. Our 100,000 sq ft precious metals refinery and storage will create a decentralized immutable record of all transactions, making it possible to track all precious metals that are refined in our refinery and eventually sold internationally to over 150 countries.”

“DMCC has successfully established a dynamic business district at Jumeirah Lakes Towers that has redefined the ease of doing business. The appeal of Dubai as a prime destination, combined with our world-class market infrastructure, state-of-the-art facilities, business-friendly environment, and unparalleled investments in digital solutions, provides the ideal proposition for any business looking to grow and set operations in the region. This land sale with REIT Development is testament to the great market confidence in Dubai and DMCC,” commented Paul Ashton, Executive Director – Property at DMCC.

Related: Dubai’s DMCC all set to support Crypto Firms with SCA collaboration

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