The UAE strengthens its global competitiveness in the gold trade and industry with new steps

The UAE Bullion Market Committee, during its second meeting chaired by His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, announced the formation of its executive office, which will begin the actual implementation of the committee’s activities and initiatives and manage the operations of the Emirates standard for good delivery.

The committee also discussed ways to accelerate the launch of the standard’s operational work and its global promotion.

This step comes within the framework of the committee's efforts to develop the governance of gold trade and circulation and to enhance the country's attractiveness on the map of the gold industry and its global trade, in a way that contributes to adopting the best international standards and practices in this field, in addition to raising the position of the UAE as one of the best global destinations for gold trade.

Dr. Thani bin Ahmed Al-Zeyoudi affirmed that the formation of the executive office of the UAE bullion market committee and the start of operational work for the Emirates standard for good delivery of gold is a new and important step to develop the institutional structure for the governance of the gold sector in the country and build an integrated system in this field in line with the directives of the wise leadership to adopt best practices in support of the status The UAE is a leading economic and trade destination, in addition to enhancing its competitiveness as one of the best global destinations in the field of gold trade.

Al-Zeyoudi added: “The initiatives recently approved by the government, such as the standard, the Federal Trading Platform and the UAE Bullion Market Committee, support the government's continuous efforts to ensure a stable and prosperous environment for gold trade and circulation in the country, implement the goals of the federal gold policy, and strengthen the UAE’s position as an important international center in the international chain of gold and precious metals trade. And increase the non-oil GDP through growth in this sector. "

His Excellency said: "We will work through the committee to continue developing the governance environment for trade and gold trading during the next stage through a set of initiatives and activities that will be launched during the next stage."

In detail, during the meeting, the tasks entrusted to the Executive Office were reviewed, which included supporting the committee in implementing the initiatives and activities assigned to it, in addition to managing the Emirates Standard for good delivery, supervising the progress of the standard’s operations and the programs emanating from it, and promoting the standard locally and internationally.

The office will also monitor developments and needs of the private sector in the field of gold, prepare studies, reports and research, put forward policies and develop strategies that support the file of governance of gold trade in the country, in addition to coordinating with the relevant authorities inside and outside the country and with relevant international organizations.

The meeting also discussed ways to accelerate the launch of the UAE standard for good delivery, in addition to plans for an international presence and work plans for promoting the standard locally and internationally.

The meeting was attended by representatives of all the committee's member bodies, including: the Ministry of Interior, the Ministry of Foreign Affairs and International Cooperation, the Ministry of Industry and Advanced Technology, the UAE Central Bank, the Federal Customs Authority, the Securities and Commodities Authority, in addition to the Dubai Export Development Corporation, the Dubai Multi Commodities Center, and a group Dubai Gold and Jewelery as representatives from the private sector.

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