'Visions of Dubai' gold coin available in local market from September 27

"Visions of Dubai," was unveiled by Ahmed Bin Sulayem, the Executive Chairman of DMCC at a media Iftar gathering.

DMCC also announced that the first group of 26 authorised distributors for the coin has been appointed. In addition, the distributors have been provided training in the ordering and marketing requirements for "Visions of Dubai."

Last month, DMCC named Jumeirah Retail, part of Jumeirah Group, the Dubai-based luxury hotel and hospitality management company, and Dubai Duty Free, one of the top three airport retailers in the world, as the first two authorised distributors for this collectible keepsake.

Produced in Dubai under the guidance of DMCC, the first coin in the series features the image of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, on one side, while Burj Al Arab is engraved on the other. Other coins in the series will feature landmark images of Dubai that also reflect the spectacular ambitions of the emirate.

Made of 22-carat gold and to be produced at a local gold refinery mandated by DMCC, the coins will be available in four different units: 1oz (34 g), ½ oz (17 g), ¼ oz (8.5 g) and 1/10 oz (3.4 g). They can be purchased in a presentation pack of four coins or in preferred individual sizes. The coins will be priced very competitively against the gold price, in keeping with global industry standards.

"In the midst of the Holy Month of Ramdan, we are especially pleased to announce the launch of this series of gold coins that reflect the guiding spirit and vision of the emirate," said Colin Griffith, Executive Director for Gold and Precious Metals, DMCC. "We are confident that 'Visions of Dubai' will prove a popular keepsake among both residents and visitors to the emirate - which is projected to attract in excess of 32 million visitors this year."

He added: "As part of our effort to make Dubai's first souvenir gold coin as widely available as possible, we are pleased to announce the appointment of the authorised distributors in the first phase. We also look forward to receiving further applications from distinguished retailers."

Moaz Barakat, Managing Director for the World Gold Council Middle East, Turkey & Pakistan expressed the support of the World Gold Council to this remarkable achievement that commemorates the golden legacy of a born visionary H.H Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai in yet another pioneering gold project.

Barakat added "There has been increasing demand for souvenir gold coins worldwide. Global gold coin sales reached 129 tons in 2006, up from 111 tons the previous year. The coin will add significant value to the gold trade in the emirate and will further promote Dubai as 'The City of Gold.' "

The DMCC also announced that following the trade launch of "Visions of Dubai" at the Burj Al Arab in July, Alukkas, a family jewellery business founded in 1956, was the lucky recipient of a free licence to sell the coin for the next three years. Alukkas was chosen from among 200 invited guests at the event via a raffle draw.