UAE Ponders Fresh Plan To Boost Gold Sector Expansion
The Council discussed the necessary steps to be taken, in order to ensure continued growth of the country’s gold sector.
SEATTLE (Scrap Monster): The United Arab Emirates (UAE) is reportedly implementing various plans aimed at further reiterating its leading position as a global hub for gold trade. A special committee has been formulated to supervise the country’s bullion market.
The country’s Ministerial Development Council plans to launch a Good Delivery Standard, which it aims to be projected as the benchmark for quality and technical specification for gold production. The standard will outline the physical characteristics of gold used for settlement. The proposal came up during the recent council meet held in Abu Dhabi, which was chaired by Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.
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The Council discussed the necessary steps to be taken, in order to ensure continued growth of the country’s gold sector. It must be noted that the sector accounts for almost 29% of the other-than-oil foreign trade exports by the country. The other initiatives by the Council included setting up of a special committee to oversee the bullion market, a new platform for gold trading and tracking and a comprehensive database of all key bullion market players.
The above measures are part of government’s objective to enhance the UAE’s position as the leading gold hub of the world.