The UAE is a pivotal market for the gold industry. Credit: Fotonium via Shutterstock.

The World Gold Council (WGC) has opened a new office in Dubai, United Arab Emirates, as its regional headquarters for the Middle East. The office is located in the Dubai Multi Commodities Centre (DMCC).

The strategic expansion signifies WGC’s aim to enhance its global footprint and engage with one of the world’s largest trading centres for gold.

The move comes alongside the signing of a memorandum of understanding with DMCC outlining a series of collaborative efforts aimed at advancing the gold industry within the UAE.

Key initiatives include tackling challenges associated with hand-carried gold, developing an annual training plan for professionals in the bullion industry, formal engagement with bullion banks, developing and deploying the WGC’s retail gold investment principles and conducting comprehensive gold market research.

WGC head of Middle East and public policy Andrew Naylor commented: “The UAE is a pivotal market for the gold industry, acting as a major hub for trade, investment and innovation. Through our presence in the Middle East and our collaborative initiatives, we aim to enhance the gold market’s integrity, transparency and efficiency.”

DMCC CEO and executive chairman Ahmed Bin Sulayem added: “As one of the largest gold hubs in the world, Dubai has a crucial role to play in advancing the global gold industry. This strategic alliance adds to a number of important agreements DMCC has brokered with gold industry leaders in recent years.”

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GlobalData analysis has found that the amount of gold produced internationally in 2023 was 121.2 million ounces.