DUBAI — There could hardly be a more enticing face value. Gold and the United Arab Emirates (UAE) keep everyone interested.
The Dubai Multi Commodities Centre (DMCC) has proposed to the UAE Central Bank a gold coin be introduced as legal tender. If approved, it will be the first of its kind in the Middle East.
Existing legal tender gold coins such as the Australian Nugget and the South African Krugerrand are popular as a vehicle to invest in pure gold.
The proposal says the coin will bear the cameo of the President, His Highness Shaikh Khalifa bin Zayed Al Nahyan, on one side and world’s tallest tower, the Burj Khalifa, on the other.
“We are confident that this design represents the face of modern UAE and its aspirations,” DMCC Executive Chairman Ahmed bin Sulayem said in a statement on Wednesday.
Commemorative gold coins are not new to the region, but this is the first time it has been proposed to make it a legal tender. In September 2007, DMCC launched the ‘Visions of Dubai’ series. The first edition carried the cameo of His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on one side and the iconic Burj Al Arab on the other.
A second series of the ‘Visions of Dubai’ coin in 24 carat gold carries the image of Shaikh Mohammed’s image on one side and Palm Jumeirah, the world famous island development.