Dubai Embraces First Facility for Purification of Precious Metals with Blockchain Technology


Ahmed Bin Sulayem: The agreement confirms the center’s role in strengthening the UAE’s position in precious metalsPave the way to establish the largest blockchain-based facility in the region for the purification and storage of precious metals

It specializes in purifying and storing gold, silver, platinum, palladium and rhodium

To be completed in the last quarter of 2022
Dubai: “The Gulf”

The Dubai Multi Commodities Center announced the signing of a sale and purchase agreement with the “Rite Development” company, in a move aimed at establishing the largest facility for refining, refining and storing precious metals, and the first to be based entirely on blockchain technologies 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
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, a secure electronic trading platform based in the Dubai Multi Commodities Center, which provides access to financial assets. Listed in the form of stable cryptocurrencies, such as Gold (GoldCoin), Silver (SilverCoin), Platinum (PlatinumCoin), Palladium (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.
Unlimited opportunities
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 that the DMCC plays in strengthening the leading international position of the UAE, 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. ”
The “Rite Development” company, which specializes in precious metals and blockchain technologies, will complete the first facility of its kind in the region by the last quarter of 2022. This facility will contribute to establishing DMCC’s position as a leading global destination for precious metals and technological advancements. , In line with its ongoing commitment to provide robust infrastructure and innovative platforms for individual traders, and others interested in the gold and precious metals sector.
Refining and storing precious metals
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. Customers who buy our products or use our warehousing facilities can verify all information through the blockchain system. We expect that by the year 2025 all facilities refining, purifying and storing precious metals 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 confidence of the large market in the potential of Dubai and DMCC. “


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