New benchmarks for the quality and production of gold could be introduced in the UAE following discussions at the Ministerial Development Council.
The Council has been considering the introduction of the UAE Good Delivery Standard.
It contains a set of rules describing the physical characteristics of gold for wholesale.
Chaired by His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, the Council confirmed that the UAE government is keen to strengthen the non-oil sectors by encouraging innovation.
It aims to do so by updating legislation and regulatory frameworks and encouraging sectors with high added value to enhance business and competitiveness.
Gold already accounts for 29 per cent of the UAE's total non-oil foreign trade exports.
The Council also considered establishing a specialised committee to supervise the UAE bullion market, along with a federal platform for trading and tracking, and a comprehensive database for the sector.
The initiatives come as a part of a larger policy designed to enhance the UAE’s position as a global hub for gold trading and to ensure the best governance, sustainability and innovation practices.