Aug 16, 2011
A Dubai free zone has launched the country's first gold coin that it hopes will one day serve as legal tender.
The Dubai Multi Commodities Centre Authority (DMCC) is holding talks with the Central Bank to designate the coin, worth more than Dh30,000 (US$8,167) at current prices, as the first gold bullion legal tender in the Middle East.
"The innovative gold bullion coin was conceived to satisfy the demands from investors seeking access to gold as protection against the ongoing global economic uncertainty," said Ahmed bin Sulayem, the executive chairman of DMCC.
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