UAE - Mubasher: The Dubai Multi Commodities Centre (DMCC) has entered into a sale and purchase agreement (SPA) with REIT Development to set up the GCC region's first blockchain-enabled precious metals refinery and storage facility in Dubai.
Under the agreement, REIT Development acquired industrial land, located in DMCC’s Jumeirah Lakes Towers (JLT) business district, according to a press release on Wednesday.
The facility, the largest of its kind in the GCC region, will refine and store precious metals including gold, silver, platinum, palladium, and rhodium, which will be tokenised on Gold Exchange.
Gold Exchange DMCC will provide access to financial assets in the form of stablecoins, namely GoldCoin, SilverCoin, PlatinumCoin, PalladiumCoin, and RhodiumCoin.
The innovative refinery is scheduled to be completed in the last quarter of 2022.
The Executive Chairman and CEO of DMCC, Ahmed bin Sulayem, said: "The gold and precious metals industry is expected to witness significant growth in the coming period and through similar agreements, we can advance the industry as a whole."
Meanwhile, the Chief Operation Officer of REIT Development, Mike De Vries, commented: "Our 100,000sqft 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."
