subject : 

 The UAE, which accounts for 11 per cent of total global gold exports, has recently adopted some advanced steps to ensure the country's strong presence among the leading global gold and precious metal trading hubs, in line with the directives of its wise leadership. The most notable among them is the adoption of the new policy for the gold sector by the Ministerial Development Council, which establishes an integrated framework for developing the governance of gold trade and circulation in accordance with the highest international standards and best practices. It consolidates the country's position as a main hub within the international gold and precious metals trade network, supported by sound legislative, regulatory, legal, logistical and infrastructural frameworks and a progressive business and investment environment. The policy is unique as it comprises a package of specific initiatives including the 'UAE Good Delivery Standard,' which is seen as the benchmark for quality and technical specification to produce gold. Furthermore, it establishes a federal platform for gold trading and tracking and the 'UAE bullion market,' in addition to a database of companies and individuals trading gold. These four initiatives are set to position the UAE at the forefront of highest-quality gold trading centers in the world.

Target :

At this juncture, as part of our aspirations to develop strong, direct communication channels with you and to encourage your participation in decision-making processes, we urge you to share your ideas and suggestions regarding these new initiatives. They have been designed to create a stable, prosperous and safe environment for gold trade and circulation, in addition to raising the gold sector's contribution to our non-oil GDP and driving economic growth and diversification in the future. We look forward to hearing your personal opinions on the new policy's impacts on the gold sector in general and welcome any proposals that can advance the global competitiveness of UAE gold.

Decision :

We continue to receive your suggestions and inquiries about the four initiatives that mark the beginning of a new phase of growth and prosperity for the gold sector. We value your contributions in this regard considering that the gold sector is a vital tributary of economic growth. Currently, the share of gold trade in the UAE's total non-oil exports exceeds 29 per cent. Therefore, the Ministry of Economy remains committed to carrying out in-depth and comprehensive study of your proposals and coordinating with the concerned authorities to select the appropriate ones before taking them into consideration. Through utilizing the capabilities of digital platforms, we look forward to closely involving you in the UAE's growth saga as an influential global power in gold trade and circulation.