Dubai Multi-Commodities Authority (DMCC) said that the UAE’s first gold coin -which was unveiled last year- will finally be available for distribution by the end of this month.
Like the Canadian Maple Leaf, Australian Nugget or South African Kruggerand, the gold coin will be the symbol of pride and recognition of the UAE’s achievements. It will bear the portrait of President His Highness Shaikh Khalifa Bin Zayed Al Nahyan on one side, and on the other the Burj Khalifa, the World’s tallest tower.
This coin – the first in the Arab World- was conceived to meet the demand by investors seeking access to gold, to protect their wealth against the ongoing global economic uncertainty.
Given the UAE’s huge appetite for the yellow metal and the rising demand from global investors, the coin is expected to capture a sizeable portion of the market both locally and internationally, as stated by gulf news.
DMCC executive chairman Ahmad Bin Sulayem said “The coin will fill a gap in the global market for investment grade gold bullion coins, sales of which have been increasing on the back of volatility in financial markets and the increasing importance of gold as a distinct asset class”, and he added, “The proximity of the Indian market and its confidence in gold and jewellery from the UAE will further drive sales of these coins. In addition, the coins will serve as exclusive UAE souvenirs,”
The DMCC will market the coin through traditional channels as well as through banks and other financial institutions.
