Dubai officials plan to introduce a gold coin – with the face of the UAE President on one side and the Burj Khalifa on the other – as legal tender.
If approved, it will be the first of its kind in the Middle East, the Khaleej Times reports on Thursday.
“We are confident that this design represents the face of modern UAE and its aspirations,” the Dubai Multi Commodities Centre (DMCC) executive chairman Ahmed bin Sulayem told the paper.
Gold commemorative coins have been brought out in the emirates in the past, including the ‘Visions of Dubai’ series in 2007.
Gold coins do exist as legal tender in other countries, like the Australian Nugget and the South African Krugerrand.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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