UAE Reveal First Gold Bullion Coin – The Khalifa
In 2007, The Dubai Multi Commodities Centre (DMCC) released the first ever souvenir gold coin coming out of Dubai. It was released because gold was seen as a good investment at that time and the authorities in the region felt that it was only right and proper that Dubai should have an official gold coin. Wishing it to be indicative of the country’s growing stature in the international community, the first coin in the ‘Visions of Dubai’ series featured an image of His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Ruler of Dubai. On the reverse of the coin, the Burj Al Arab – voted the world’s most luxurious hotel – was engraved.
The coin was minted in 22-carat gold, and is available in four different sizes: 1 oz, ½ oz, ¼ oz, and 1/10 oz.
2 Coins from the Visions of Dubai Series
Four years on, and the DMCC have added to the series by introducing the United Arab Emirates first ever gold bullion coin. Calling the coin the ‘Khalifa’, the DMCC is in discussions with the UAE Central Bank for the coin to become the first of its kind to be designated as legal tender in the UAE. It is believed that it will then become an internationally recognised coin, like the Canadian Maple Leaf coins and the South African Krugerrand.
The coin again honours the Sheikh, but also pays tribute to the President, His Highness Sheikh Khalifa Bin Zayed Al Nahyan, and the Burj Khalifa, from whom it gets its name.
The Burj Khalifa is the world’s tallest building. It stands 828 metres tall, has the world’s longest travelling elevator – which reaches speeds of 10 metres per second – and the world’s highest occupied floor. Its exterior is covered in reflective glazing: 26,000 hand cut glass panels, fitted by specialists from China. Its telescopic spire houses communications equipment, and extends to over 200 metres.
The Khalifa Gold Bullion Coin, was unveiled as a five-ounce prototype minted by the Swiss company, Argor-Heraeus SA. It is produced to the Dubai Gold Delivery Standard (DGD), which is the standard that was launched by the DMCC in 2005, and recognised to comply with international standards.
On the obverse, the coin features a portrait of Sheikh Khalifa Bin Zayed Al Nahyan, and on its reverse, the Burj Khalifa is engraved.
The decision to produce the coin comes amid growing gold investment in the region. Indeed, the region’s gold traders have recently said that they have seen a 100% rise in the number of customers buying gold bullion as investors shun the world’s equity markets and head for the safe haven of precious metals. The Dubai Gold and Commodities Exchange said that its year to date volumes had passed two million contracts for the first time in its history.
The reverse and obverse of the prototype Khalifa gold coin produced for the UAE
