DMCC, the flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise, has signed a sale and purchase agreement (SPA) with REIT Development to establish the largest precious metals refinery and storage facility across the GCC and the first to be completely enabled by blockchain in the GCC
As part of the agreement, REIT Development acquired industrial land strategically located in DMCC?s Jumeirah Lakes Towers (JLT) vibrant business district. DMCC has premium plots for sale across JLT, which are attracting significant interest from a diverse range of investors and developers, all in search of a dynamic destination to do business.
The facility will refine and store precious metals including gold, silver, platinum, palladium and rhodium, which will be tokenised on goldexchange.com.
Gold Exchange DMCC, a secured trading platform, will provide access to financial assets in the form of stablecoins namely GoldCoin, SilverCoin, PlatinumCoin, PalladiumCoin and RhodiumCoin. Each Ethereum-based token will represent the current value of one gram of each metal and can be traded on the exchange. The tokens will be physically backed by the precious metals at DMCC?s secure storage facility, meaning they can be traded with confidence.
Ahmed Bin Sulayem, executive chairman and CEO, DMCC, said, ?The gold and precious metals industry is at a tipping point, but without a doubt, there are boundless opportunities that lie beneath the uncertainty of a post-pandemic world. Signing this agreement with REIT Development underscores the crucial role that DMCC plays in tapping the UAE and the emirate on the world map as a leader in the precious metals industry through the deployment of cutting-edge technology such as blockchain. The gold and precious metals industry is expected to witness significant growth in the coming period and through similar agreements, we can advance the industry as a whole.?
The first-of-its-kind facility by REIT Development, a leading organisation specialised in precious metals and blockchain technologies, will be completed in the last quarter of 2022. As part of the ongoing commitment to provide robust infrastructure and innovative platforms to individual traders and stakeholders operating in the gold and precious metals industry, this new facility will strengthen DMCC?s position as a global hub for precious metals and a leader in technological advancements.