The Dubai Gold & Commodities Exchange (DGCX) and Ayedh Dejem Group have agreed to develop and launch the Middle East’s first-ever Shari’ah-compliant spot gold contract to be traded on an international exchange.
The partnership enables both entities to increase their presence in the Saudi Arabian and wider GCC Islamic Finance market, and attract the interest of regional Islamic financial institutions and banks. This development is reflective of the growing potential of the Saudi Arabian and wider GCC regions Shari’ah-compliant gold markets. According to the World Gold Council, Saudi Arabia’s gold demand, stood between 60 and 85 tonnes. This is the highest in the Middle East and ranked sixth in the world; representing almost 30 per cent of demand across the region.—Agencies