For powering UAEs situation as a global hub for a gold trade, the Ministerial Development Council adopted 4 latest initiatives. This is all primarily expected for bolstering the position of UAE as the pioneer hub for the Gold as well as precious Metal trade.
The UAE’s Economy Minister, Abdulla Bin Touq Al Marri, announced the progression within the Ministerial Development Council, led in through by the services of his excellency Deputy Prime Minister and Minister of Presidential Affairs, Sheikh Mansour bin Zayed Al Nahyan, who have set out latest policy for the prime objective of expansion of the Gold trade within the national territory for building up the excellent global standards.
Abdulla Bin Touq, further elaborated that “The latest policy depicts an imperative milestone within UAEs primary efforts for establishment of a stabilized ecosystem as well as prevailing environment for the smooth gold trading within the nation. This policy is capable for enhancement of the UAEs spot as one amongst the pioneer hubs within the Gold as well as for the trading of the precious metals within a vast diversified landscape, and as well as within additionally for optimal utilization as well as maximizing the overall sector’s involvement for surging the Non-Oil GDP as well as thereby flourishing the national economic expansion programme.”
During this session that was chaired in presence of his excellency Sheikh Mansour during December 06th 2020, the Ministerial Development Council smoothly adopted and initiated the core four initiatives whose primary agenda is for bolstering UAEs spot as the global hub in Gold and precious metals trade. The initiative included: –
- Establishment of UAEs standard for the possible smooth delivery of Gold as well as other precious metals.
- Progressing of a Federal and secured pathway or platform for the gold and other precious metals trade.
- Formation of a whole governed transparent board for the UAE bullion market,
- As well as in structuring up of a secured database for businesses and entities trading gold.
Minister of the State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, further added that “the UAE as a nation forecasts of a pioneer as well as a striking terminus for the global centre of Gold and the precious metals trading hub. He also stated that in general the gold trade books in for in excess of 29 percent of the overall economies non-oil export statistics.
Al Zeyoudi echoed that the progress of legislation and protocols leading trade and supporting the business and investment activities in this dynamic sector along with the unveiling of the four initiatives within the framework of the nation’s new gold policy, are well-thought-out decisive towards enhancing the affordability of this product.
“These measures will ensure that the UAE has the maximum quality gold standard and will produce prospects for investments in the gold and precious metals sector, thereby attracting its role among the crucial economic diversification pillars,” he said.