The UAE strengthens its position as a global hub for the gold trade


UAE Ministerial Development Council meeting

The UAE Ministerial Development Council meeting was chaired by Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.
Photo Credit: WAM

Abu Dhabi: The Ministerial Development Council affirmed the UAE government’s keenness to enhance the non-oil sectors by encouraging innovation, updating legislation and regulatory frameworks, and encouraging sectors with high added value in order to advance the business environment and enhance the country’s competitiveness. Chaired by Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.

During the meeting held on Sunday at Qasr Al Watan in Abu Dhabi, the Ministerial Development Council discussed the means to ensure further growth in the gold sector, which already represents 29 percent of the country’s total non-oil foreign trade exports. .

The council has considered introducing the UAE standard for the delivery of goods, which will be considered a standard for quality and technical specifications for gold production. It contains a set of rules that describe the physical properties of gold used for wholesale settlement. The UAE Good Delivery Standard will also provide standards for creditworthiness, operational efficiency and appropriate production procedures, ensuring high-quality gold manufacturing.

The council also considered forming a specialized committee to oversee the UAE bullion market, as well as a federal platform for gold trade and tracking, and a comprehensive database of all the major players in the sector.

The initiatives come as part of a larger policy aimed at strengthening the UAE’s position as a global hub for gold trading and to ensure best practices in governance, sustainability and innovation.

The council discussed ways to increase the volume of imports and re-export of agricultural and animal consignments and to ensure the best application of agricultural and veterinary quarantine. This includes raising technical competence, improving skills to deal with agriculture and livestock, and developing agricultural and veterinary quarantine capabilities in export states.

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