ounce coin prototype was unveiled by Ahmed Bin Sulayem, Executive Chairman of Dubai Multi Commodities Centre Authority, Monday in Dubai in a special ceremony attended by senior representatives in the gold trade industry. JEDDAH – The Dubai Multi Commodities Centre Authority ('DMCC'), the government of Dubai entity dedicated to enhancing commodity trade flows through Dubai, unveiled Monday the prototype of the first gold bullion coin in the UAE. Designed by DMCC, the "Khalifa" coin features a portrait of Sheikh Khalifa Bin Zayed Al Nahyan, President of the United Arab Emirates, on one side, and on the other, Burj Khalifa, the world's tallest tower. The new gold "Khalifa" coin will carry DMCC's stamp of quality and authenticity. The five-ounce coin prototype was minted by Argor-Heraeus SA in Switzerland, which is accredited by the DMCC's Dubai Gold Delivery 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 will stand as an internationally recognized symbol of pride and recognition of the UAE's achievements much like the Canadian Maple Leaf, Australian Nugget, South African Krugerrand and others. Ahmed Bin Sulayem, Executive Chairman of DMCC, said: "This innovative gold bullion coin was conceived to satisfy the demands from investors seeking access to gold as protection against the ongoing global economic uncertainty. gold bullion coin pays homage to our President, His Highness Sheikh Khalifa Bin Zayed Al Nahyan, his vision, guidance and leadership." "The Burj Khalifa is a symbol of the UAE as a progressive, innovative nation that whilst rich in heritage and traditions continually works to build a modern developed society. In this way the gold bullion coin stands as a national emblem which reflects the determination and achievements of the UAE federation," he added. Moreover, he said the "past two series of souvenir gold coins have been a huge success and we foresee that a gold bullion coin will attract great interest, especially as gold remains seen as one of the safest investment vehicles globally."
