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Tuesday, 9th February 2010 (2831 views)

Dubai's central bank is looking at proposals to launch a gold coin that would operate as legal tender for the purpose of investment.

Executive chairman of the Dubai Multi Commodities Centre Ahmed Bin Sulayem told 7DAYS that the coin would be able to be used for investing in a similar way to gold bars.

It is hoped that the coin, if launched, will feature an image of the Burj Khalifa on one side and the United Arab Emirates's (UAE's) president, Khalifa bin Zayed Al Nahyan, on the other.

"We believe this is an image that will represent the UAE," Mr Bin Sulayem commented.

If the coin is released, it will be the first gold piece to serve as legal tender in the Middle East.

Dubai serves as a regional hub for the sale of gold jewellery in the Middle East.

Over two-thirds of the emirate's population purchases items made from the precious metal at least once every year, according to the Dubai Gold & Jewellery Group.

 

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