UAE to lead as Global Gold Trade Hub with digitization and democratization of trade

UAE to lead as Global Gold Trade Hub with digitization and democratization of trade

Over 33 Countries joined hands in move to make UAE the Global Gold Trade Hub with emerging technology and revolutionary system and concepts

 K E Y   P O I N T S 

Organizations from the US, Europe, Middle East and African Countries participate at the Region’s largest gold convention in Dubai to tap into new opportunities and reinforce gold as the strategic asset of the future.

Key discussions were held between diplomatic and industrial entities to support and establish the UAE as a present-day Global gold trade hub and lead the way to democratizing gold trade. 

Conference showcased innovative, revolutionary and secure industry products and services to accelerate growth in a Post-Covid World.

IBMC to prepare 2nd edition of Gold Industry Whitepaper based on industry recommendations on policies and best practices  from the convention participants.

IBMC presented Digital Gold Asset Stable Currency and SME Economy eMarketplace and Secure Gold Trade Flow to enhance UAE’s position as the Global Gold Trade Hub.

Dubai, November 23:

The 2020 edition of the Global Gold Convention, hosted by IBMC and co-organized by the International Chamber of Commerce UAE (ICC UAE) and the Federation of UAE Chambers of Commerce & Industry (UAE Chambers), in hybrid format concluded in Dubai with an unprecedented turnout from 33 countries with an affirmation to digitize and democratize gold trade to achieve the goal of making the UAE the global gold trade hub.

The landmark convention at Armani Hotel, Burj Khalifa, saw wider participation by ministers, diplomats and industry leaders across multiple verticals from 33 countries discussing ways to explore new opportunities in new frontiers for growth through the UAE beyond Covid-19 pandemic. 

“Holding this conference in light of the circumstances caused by the Covid-19 pandemic only confirms the standing of the private sector in the UAE and its ability to face regional and international challenges and strengthen its relations in this field across the world as well as strengthen Emirati investments in emerging economies,” said HE Humaid Ben Salem, Chairman of the International Chamber of Commerce.

GGC2020 was a testimony to the UAE economy’s resilience power and adaptability in the wake of the pandemic.

 Delegates from around the world stressed the UAE’s solid ecosystem, resilient private sector, standardized regulations, ideal geopolitical location, and rapid integration of digitization for creating the perfect bedrock for global gold trade.

The conference also spotlighted the power of emergent technology, the ongoing demand for transparency, trust and security, the future democratization of gold trade, and the eventual digitization of traditional processes.

Attendees were privy to 9 industry panels entering the Gold Sector as a Non-Oil Diversification Strategy, The Future of the UAE as a Gold Hub during volatile economic times, and more.

Participating in a panel discussion titled ‘Showcasing UAE’s strength to become the ‘Global Gold Trade Hub’, H. H Sheikha Hend bint Faisal Al Qasmi, Former Minister H.E. Dr. Mohammed Saeed Al-Kindi, Advisor, Khaled Al Hamed Group, H.E Rashid Al Noori, Founder, CEO of CEO Clubs Network Worldwide Dr. Tariq Al Nizami, and Mr. Vishal Patel, Executive Director – Client Coverage MSCI ( Morgan Stanley Capital International ), talked at length about the UAE’s progressive outlook and diverse skill force as a driving force for gold trade. 

“ We currently trade more gold than leading markets like Honk Kong and America. This is largely due to the UAE being a place of peace, quiet and prosperity, where diversity has flourished. We are a tolerant nation, where we strive to stand shoulder to shoulder with our industry peers,” said  H.H. Sheikha Hend bint Faisal Al Qasimi.

H.E Dr. Mohammaed Saeed Al Kindi said:  “The UAE is home to over 200 different nationalities and therefore we have an incredibly diverse and specialized workforce.  This, alongside our ease of accessibility and limited barriers to entry make it very easy for new entrants to the gold market.”  

IBMC presented before the global audience its innovative Digital Gold Asset Stable Currency and SME Economy eMarketplace and Secure Gold Trade Flow to enhance UAE’s position as the Global Gold Trade Hub.

The Trade platform will enable traditional retailers, importers, and investors to transition their business dealings and activities online through trailblazing new tech that will provide added assurance, security and transparency for all parties. Increasing confidence in effect.

Moreover, the introduction of the digital US Gold currency, a state-of-the-art currency that marries stability with convenience, Will lead to a new wave of Gold investors by overcoming obstacles such as: Daily fluctuations in gold and FX rates, difficulties with cross border gold transfers, and reduced costs.

USG holders will also benefit from keeping gold as an asset in a digital format as well as redeem it as a physical gold coin or in US dollars anywhere in the world.

Mr Sajith Kumar PK, Managing Director and CEO of IBMC, said:

“Apart from the traditional gold business and investments, the convention helped participants explore and utilize innovative and secured products and service opportunities from gold industry.  Post-Covid opportunities and supportive measures to GCC’s non-oil sector diversification programme by connecting international players through the convention will position the UAE as Global Gold Trade Hub. 

The convention provided a platform for industry participants to explore business and investment opportunities with key stakeholders across all verticals and expand business and investments at home and beyond.

H.E. Sheikh Khalid Bin Ahmed Al Hamed, Chairman of IBMC UAE added: “The overwhelming response to participation by the global organisations and more countries shows the confidence level of the international community in the UAE’s potential to be the global gold trade hub.”

The event was hosted by IBMC International and co-organised by the UAE International Chamber of Commerce (ICC UAE)  and the Federation of UAE Chambers of Commerce & Industry (UAE Chambers) to anchor in the intercontinental significance of the Convention.

Ends

About IBMC International :

UAE based IBMC International is having strong presence and high level of credibility by implementing innovative and advanced solutions in the Corporate Business and eMarketplace Fintech area. IBMC connects different Continents through its specialized international events to facilitate business collaborations.

IBMC has set “IBMC-5 Years Growth Project 2022” in 2017 to support the region’s non-oil sector diversification programme by fostering partnerships with businesses and government bodies across the world. It implemented major and innovative projects which include, SME Economy eMarketplace Trade Flow Project for Non-oil sector diversifications and Digital Asset Stable Gold Currency with US Gold Currency of the USA as a new global milestone in the Gold Industry. 

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