Dubai the capital of the United Arab Emirates (UAE) with its $90 billion economy has long been  the trading post  of the Middle East. This wealth has lead to the development of many extravagant buildings and hotel complexes. It has been called the shopping capital of the world and has over 70 shopping malls including the worlds largest.  Thousands  travel to Dubai from all over the word to attend the shopping festival the is held in February of each year.  Dubai is is also famous for it gold souks and is a centre for the gold trade in the  ME.  It is no surprise that there is a proposal to introduce a new legal tender coin.

The 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 gold coins such as the Australian Nugget and 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 Shaikh Khalifa Bin Zayed Al Nah-yan on one side and that of the Burj Khalifa, the world’s tallest tower, on the other.

The 828-metre Burj Khalifa in Dubai is a symbol of international co-operation. The tallest free standing man-made structure, it is also one of the most recognised landmarks in the world.

“We are confident this design represents the face of the 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 project,” Ahmad Bin Sulayem, Executive Chairman of DMCC, said in a statement.

DMCC launched the UAE’s first souvenir commemorative gold coin in September 2007 under the Visions of Dubai series. The 22-carat coin 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 Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai on one side and that of the Burj Al Arab on the other. A second series of the coin in 24 carat gold carries Shaikh Mohammad’s image on one side and the Palm Jumeirah on the other.

Tags: Gold, Gold coins, Investment

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