Dubai unveils UAE’s 1st gold bullion coin, first legal tender in the Middle east ?

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Published : August 16th, 2011
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Category : Gold and Silver

 

 

 

 

 Dubai Multi Commodities Centre Authority (DMCC), the Government of Dubai entity for enhancing commodity trade flows through Dubai, has unveiled the prototype of the first gold bullion coin in the UAE.

Designed by DMCC, the “Khalifa” coin features a portrait of UAE President HH Sheikh Khalifa Bin Zayed Al Nahyan on one side, and on the other, Burj Khalifa, the world’s tallest tower.


24hGold - Dubai unveils UAE’s ...


The five-ounce coin prototype, which was unveiled in a special ceremony attended by senior representatives in the gold trade industry, was minted by Argor-Heraeus SA in Switzerland, which is accredited by the DMCC’s Dubai Gold Delivery (‘DGD’) standard.  The DGD gold standard, launched by DMCC in 2005, is the adopted quality standard for gold and silver bars production and technical specifications in the region and is benchmarked to international standards. 


DMCC is also in discussions with the UAE Central Bank to designate the gold bullion coin as the first legal tender in the UAE and the Middle East as a whole.


A national legal tender gold coin, for DMCC,  will stand as an internationally recognised symbol of pride and recognition of the UAE’s achievements much like the Canadian Maple Leaf, Australian Nugget, South African Krugerrand and others.

 

 

 

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