DMCC, the world’s flagship free zone and Dubai authority on commodities trade and enterprise, has announced the signing of a sale and purchase agreement with REIT Development to establish the largest precious metals refinery and storage facility across the GCC and the first to be completely enabled by blockchain in the GCC.
As part of the agreement, REIT Development has acquired industrial land strategically located in DMCC’s Jumeirah Lakes Towers (JLT) vibrant business district.
DMCC has premium plots for sale across JLT, which are attracting significant interest from a diverse range of investors and developers, all in search of a dynamic destination to do business.
The facility will refine and store precious metals including gold, silver, platinum, palladium and rhodium, which will be tokenised on goldexchange.com.
Gold Exchange DMCC, a secured trading platform, will provide access to financial assets in the form of stablecoins namely GoldCoin, SilverCoin, PlatinumCoin, PalladiumCoin and RhodiumCoin.
The tokens will be physically backed by the precious metals at DMCC’s secure storage facility, meaning they can be traded with confidence.
The first-of-its-kind facility by REIT Development – a leading organisation specialised in precious metals and blockchain technologies – will be completed in the last quarter of 2022.
As part of the ongoing commitment to provide robust infrastructure and innovative platforms to individual traders and stakeholders operating in the gold and precious metals industry, this new facility will strengthen DMCC’s position as a global hub for precious metals and a leader in technological advancements.
Mike De Vries, Chief Operation Officer, REIT Development, says: “Our 100,000-sq-ft precious metals refinery and storage will create a decentralised immutable record of all transactions, making it possible to track all precious metals that are refined in our refinery and eventually sold internationally to over 150 countries. Customers who buy our products or use our storage can verify all the information in the blockchain. We believe that by 2025 every precious metals refinery and storage facility will be in the blockchain.”