Friday, April 16, 2021 – 5:03 PM
ABU DHABI, April 16, / WAM – The Emirates Gold Bullion Committee, during its third meeting that was held virtually, chaired by His Excellency Dr. Thani bin Ahmed Al-Zeyoudi, Minister of State for Foreign Trade, discussed the second phase action plan for establishing a database of gold traders in the country, in addition to discussing the technical needs to launch Federated Gold Trading Platform.
The committee discussed, with the participation of representatives of the ministries, institutions and bodies members of the committee, developments in the application of the Emirates standard for good delivery of gold, as well as the readiness of all customs outlets to accommodate the growth of the expected trade volume for the sector, and ways of cooperating with relevant strategic partners to address the challenges facing the growth of the sector locally and internationally.
His Excellency Thani bin Ahmed Al-Zeyoudi affirmed that the committee is taking steady steps in line with the directives of the wise leadership of the UAE, which is aware of all developments around it, to consolidate the country’s position as a global center in the international chain of trade in gold and precious metals, and to enhance the stability of the business environment, which will benefit the increase of domestic production The non-oil total serves the state’s strategy to diversify the sources of the national non-oil economy.
His Excellency explained that the committee has made tangible progress in implementing the gold policy, which will represent a quantum leap in the country’s gold sector, and work is currently underway to complete all strategic axes of the policy in cooperation with all members and strategic partners, stressing the continuation of efforts made to implement the policy, overcome challenges and introduce all legislation. Suitable for the promotion and development of gold trade.
His Excellency indicated that the UAE’s policy for the gold sector keeps pace with the governing developments of the global gold trading sector and the growing competition among the exporting countries, as it seeks through deliberate methodologies and strategies to reach new markets and destinations, realizing the importance of gold as a safe international commodity during crises, stressing the keenness of the Bullion Market Committee. The UAE has sought to develop all the elements related to the file of gold trade in the country, especially with regard to the application of international standards, which leads to enhancing confidence in the country’s exports of gold.
The meeting reviewed the most prominent axes of the study carried out by the executive office emanating from the committee, on the required agreements during the coming period, and the meeting dealt with the developments of the work plan of the media strategic committee of the executive office, as well as the need to add new partners as members of this subcommittee.
The meeting discussed the timetable and work plan regarding the Federal Gold Platform, the first phase of which is being developed .. The meeting also discussed the technical requirements for the second phase of the unified federal database of gold traders and the timetable for its implementation.
WAM / Reda Abdel Nour