WGC announces new office in DMCC, Dubai

Mar 09, 2024

The World Gold Council (WGC) formally announces its new office in Dubai, and regional headquarters for the Middle East. Located in the Dubai Multi Commodities Centre (DMCC), the world’s most interconnected free zone and a leading trade and enterprise hub for commodities.

This strategic expansion signifies WGC’s commitment to enhancing its global footprint and engaging with one of the largest trading centres for gold in the world.

The new office establishment comes alongside the signing of a Memorandum of Understanding (MoU) outlining a series of collaborative efforts aimed at advancing the gold industry within the UAE. Key initiatives include tackling challenges associated with hand-carried gold, developing an annual training plan for professionals in the bullion industry, formal engagement with bullion banks, developing and deploying the World Gold Council’s retail gold investment principles, and conducting comprehensive gold market research.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “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-World Gold Council, said, “Our joint programme of work with the 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 the 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, said, “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 programme is just the beginning of our long-term commitment to contribute to the integrity of the global gold market and improving the regional gold market.”

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