DMCC proposes minting legal tender gold coin

Dubai Multi Commodities Centre (DMCC) has proposed to the UAE Central Bank the launch of a legal tender gold coin, which, if approved, will be the first of its kind in the Middle East.

Existing legal tender gold coins such as the Australian Nugget and the South African Krugerrand are popular among buyers as a vehicle to invest in pure gold.

The proposed design depicts the image of President His Highness Sheikh Khalifa bin Zayed Al Nahyan on one side of the coin and that of Burj Khalifa, the world's tallest tower, on the other.

"We are confident that this design represents the face of modern UAE and its aspirations. This is a great time to launch a reliable, easily transacted legal tender gold coin. Since the current level of interest in gold investment is the highest it has ever been globally, the timing couldn't be better.

"As the only commodities centre in the region, DMCC has all the required expertise and experience to lead such a prestigious, path-breaking project. We would consider it anhonour to be associated with it," said Ahmed bin Sulayem, Executive Chairman of DMCC.

DMCC launched the UAE's first souvenir, commemorative gold coin in September 2007, under the 'Visions of Dubai' series.

The 22-carat coin, which was available in 1oz (34 g), ? oz (17 g), ? oz (8.5 g) and 1/10 oz (3.4 g), proved to be highly popular with buyers.

Designed to reflect Dubai's visionary leadership and the emirate's innovative projects, the first edition carried the image of His Highness Sheikh Mohammed bin Rashid Al Maktoum on one side and that of Burj Al Arab, the iconic landmark, on the other.

A second series of the 'Visions of Dubai' coin in 24 carat gold carries the image of Sheikh Mohammed's image on one side and that of Palm Jumeirah.

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