The Dubai Gold and Commodities Exchange announced on the 22nd of June, Tuesday, the signing of a memorandum of understanding with the Capital Markets Regulatory Authority in Sudan, with the aim of enhancing bilateral cooperation between the UAE and Sudan in the trading of gold products through the exchange of experiences. Under this agreement, the Dubai Gold and Commodities Exchange will cooperate with the Authority in areas that benefit both countries and contribute to facilitating joint cooperation and the exchange of knowledge and experiences on gold trading.
Sudan is the third largest producer of gold in Africa, and earlier this year it began allowing private traders to export this precious metal in order to improve its revenues. In line with this initiative, the Capital Markets Regulatory Authority seeks to strengthen the gold market in Sudan by facilitating trading and investment operations. This partnership will enable the Authority to benefit from the expertise of the Dubai Gold and Commodities Exchange, the leading derivatives and commodities trading platform in the Middle East.
Les Mel, CEO of the Dubai Gold and Commodities Exchange, said: “This partnership is the first of many planned for this year, and we are pleased to collaborate with the Capital Markets Regulatory Authority of Sudan in order to strengthen the strength of the gold market in Africa. The Dubai Gold and Commodities Exchange is strategically located between the Far East, Europe and Africa, serving as a unique gateway for global traders and investors. With this important advantage and our deep experience in derivatives trading, we are confident that we will deliver significant value to the Authority and Sudan’s gold export market, while taking another step towards achieving our vision of expanding our presence internationally and facilitating cross-border trading.”
Dr. Shawki Azmi Mahmoud, Director General of the Capital Markets Regulatory Authority said: “We are pleased to enter into this partnership with the Dubai Gold and Commodities Exchange to benefit from their deep experience in enhancing the opportunities we offer to investors and traders in the market. The government of Sudan’s announcement of the establishment of a gold exchange represents an important step in the country’s history, and we believe that this partnership will play a pivotal role in advancing the growth of the gold trading market in the country and the region in general, as Sudan is famous for producing the equivalent of 70 to 100 tons of gold annually.”