The UAE will establish a federal platform for gold trading and the tracking of gold sources, the government has announced.
The move – approved by the UAE Cabinet – is part of a larger policy to enhance the UAE’s position as a global hub for gold and jewellery trading.
The policy has three main pillars – governance, sustainability and innovation – with 10 separate strategic programmes and initiatives, also including the establishment of a federal platform for gold trading and tracking, international marketing of the gold sector, and the use of technology in the production of gold.
Additionally, the policy will develop tools and initiatives that stimulate growth “in order to facilitate doing business and bring added value to this vital sector”, according to the UAE’s state-run WAM news agency.
The gold trade accounts for 20 percent of the UAE’s total non-oil exports.