Dubai Commodities embraces the first facility for refining precious metals using blockchain technology

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The Dubai Multi Commodities Center, the world’s leading free zone and the authority of the Dubai government in the field of commodity trade and projects, announced the signing of a sale and purchase agreement with Rite Development Company, in a move aimed at establishing the largest facility for the refining, purification, and storage of precious metals, and the first to be entirely based on technologies « Blockchain »in the Arab Gulf region.

Under the new agreement, REIT Development acquired industrial lands belonging to the Dubai Multi Commodities Center, in a strategic location in the heart of the JLT area, which is home to many flourishing companies and commercial projects.

The center owns distinctive lands available for sale in the JLT area, which are attracting remarkable interest from investors and real estate development companies, especially those looking for a dynamic destination for doing business and commercial activities.

The new facility will specialize in the purification and storage of precious metals, including gold, silver, platinum, palladium and rhodium, in addition to listing it on the “Gold Exchange” exchange (goldexchange.com(), A secure electronic trading platform headquartered in the Dubai Multi Commodities Center, which provides access to financial assets listed in the form of stable cryptocurrencies, such as gold (GoldCoin(And silver)SilverCoinWalblatin ()PlatinumCoin) Valbladium (PalladiumCoin) And rhodium (RhodiumCoin). All of these currencies are based on the cryptocurrency Ethereum, and will represent the current value of one gram of each metal, with the possibility of being traded on the exchange. These currencies will be backed by the precious metals at the DMCC’s secure storage facility, ensuring they can be traded safely and reliably.

Ahmed Bin Sulayem, CEO and CEO of the Dubai Multi Commodities Center, said: “The gold and precious metals sector is witnessing a paradigm shift, but this is accompanied by the availability of unlimited opportunities that lie behind the uncertainty in the post-Covid-19 crisis. The signing of the new agreement with Rite Development confirms the crucial role played by the DMCC in strengthening the leading international position of the United Arab Emirates and Dubai in particular in the precious metals sector, by adopting the latest advanced technologies such as blockchain. It is expected that the gold and precious metals sector will witness remarkable growth in the coming period, and there is no doubt that signing such agreements will enhance our ability to promote this sector as a whole. ”

Rhett Development, which specializes in precious metals and blockchain technologies, will complete the first facility of its kind in the region by the fourth quarter of 2022.

This facility will cement DMCC’s position as a leading global destination for precious metals and technological advancements, in line with its ongoing commitment to providing robust infrastructure and innovative platforms for individual traders and others interested in the gold and precious metals sector.

Mike de Vries, chief operating officer at Rite Development, said: “Blockchain technology helps to track the various processes associated with precious metals with the highest levels of accuracy and transparency, ensuring that any illegal activities in the gold trade are countered. Our precious metals refining and storage facility, which will cover an area of ​​100,000 square feet, will help provide a decentralized and consistent record of all precious metals transactions, ensuring that all precious metals that undergo refining and purification are tracked and sold in more than 150 countries. Clients who purchase our products or use our warehousing facilities can verify all information through the blockchain system. We expect that by the year 2025 all the precious metals refining, purification and storage facilities will rely on blockchain technology, and we are proud of our leadership in this field. ”

Paul Ashton, Executive Director of Real Estate, DMCC, said: “DMCC has succeeded in establishing a dynamic business district in JLT, which has helped set new standards in the ease of doing business. Dubai is uniquely positioned as a prominent global destination, along with the world-class infrastructure, advanced facilities and supportive environment that the center provides, in addition to unparalleled investments in digital solutions, which creates the ideal destination for any company looking to grow and develop its operations in the region. The new agreement with REIT Development is a clear indication of the market’s confidence in the potential of Dubai and DMCC. ”

In February 2021, Ahmed bin Sulayem joined the advisory board of CVVC to invest in blockchain technologies supported by the Swiss government, following the signing of an agreement between the Dubai Multi Commodities Center and two companies: CVVC and CVLabs.

This partnership brings a leading global ecosystem of blockchain technologies and crypto assets to Dubai.

During the year 2020, DMCC signed an agreement with InnoWay, a leading business incubator in the fields of science, technology and education supported by the Chinese government, with the aim of launching a new wave of innovation in the UAE.







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