In the past week, UAE’s Dubai Multi Commodities Centre (DMCC) has signed two partnership agreements with Gold tokenization entities. DMCC signed an MOU with Asian digital gold platform, SafeGold, to develop an ecosystem in the MENA for gold backed digital certificates starting from the UAE and then spreading across MENA.

The MENA region is home to a $20 billion gold market. Gold is a high-growth industry in the UAE; according to the World Gold Council, UAE gold consumption surged by 57 percent in 2021.

As per the announcement Gold bars will be physically stored in secure vaults, and verified by warrants issued on DMCC’s Tradeflow platform, a transparent central registry of ownership for gold and commodities stored in UAE facilities. The digital certificates that are backed by gold can then be traded on SafeGold’s platform, providing investors with greater levels of transparency and confidence.

Gaurav Mathur, Founder and MD, SafeGold, noted that the UAE is an ideal hub for a global digital gold platform.

Ahmed Bin Sulayem, Executive Chairman and CEO, DMCC, added “Given the increased ease of trading digital assets, especially in gold and precious metals, our collaboration with SafeGold is a vital step towards consolidating an ecosystem for digital gold at the global level. Partnerships built on trust and transparency is vital in serving the entire gold industry, and DMCC is perfectly positioned to drive these efforts given our extensive knowledge in gold, world-class infrastructure across the entire gold value chain and ongoing work in blockchain and web3 sectors.”

The DMCC had also announced its partnership with Comtech Gold to digitize the trade of gold through tokenization which will also be registered on DMCC’s TradeFlow platform. Comtech Gold Tokens (“CGO”) will be created on the XinFin Protocol (XDC) blockchain network based on the deposit of physical gold bars located in DMCC-approved vaults.

Each gold bar will be backed by a Tradeflow warrant, meaning that the increased ease of trading a tokenized asset is combined with the additional security, transparency, and real-asset allocation provided by the Tradeflow warrant.

With each token representing one gram of gold, investors and traders will be able to buy as little as one gram, democratizing the asset class by making it more accessible. The tokens are Shariah compliant and fully backed by physical gold in the form of 1kg gold bars of 999.9 purity from globally-renowned brands. In line with international best practices for transparency in the precious metals sector, each bar will feature unique ID numbers and certificates direct from the refiners.


Ahmed Bin Sulayem,  believes that the  partnership with Comtech Gold  for tokenized gold bullion  using  blockchain solutions will drive long-term growth in global trade across industries and asset classes.

Navin D’Souza, Chief Executive Officer at ComTech Gold, said: “A partnership with DMCC is an exciting moment for us as we continue to grow with 122 kgs of gold already tokenized. Tradeflow warrants add the security, control, and transparency to the gold tokens necessary to build investor trust and confidence. This, along with the Shariah certification, makes Comtech Gold Tokens (CGO) an ideal and robust product developed on blockchain technology for regional and international investors.”

In My previous article ‘ UAE the new home for Gold backed tokens’ on LaraontheBlock it was noted that the UAE has become home to Gold tokenization entities from around the globe and this could be the market that many crypto enthusiasts are looking for amidst the bearish crypto and financial markets.

Lawrence H. Summers, the renowned American economist who served as the 71st United States Secretary of Treasury from 1999-2001 under Bill Clinton, as well as the Director of the National Economic Council from 2009 to 2010 under Barack Obama, will be offering his insights into the global economy and financial markets as well as his views on crypto and Blockchain during the 13th edition of AIM Summit being held on the 21st and 22nd of November 2022 in Dubai UAE.

AIM Summit is the region’s leading forum for providing insights on investment developments and global market conditions. This year, special emphasis is placed on the current global economy, inflation, stagflation and recession. Summers will provide his views on why the U.S. will likely be headed into a recession within the next two years. Summers will discuss how globalization, trade, and technology will play a pivotal role in the future of the global economy.

In 2021, Summers repeatedly called out the potential for inflation in U.S. while the U.S. Federal Reserve and many economists viewed rising prices as transitory.

Commenting on his participation at AIM Summit, Summers states, “Investors in alternative assets must navigate a challenging macroeconomic environment today and anticipate how it will impact their portfolios tomorrow. At the AIM Summit in Dubai, I will address some of the most pressing questions investors should be asking – will the Fed’s newfound hawkishness lead to a painful recession, or will they engineer a soft landing? Will we return to the post-2009 era of secular stagnation, or a new paradigm? Will prognostications of China’s economy overtaking America’s prove similar to those of Russia and Japan, which look ridiculous today?”

Raha Moradi, Chief Executive Officer of AIM Summit stated, “We are honoured as organizers of AIM Summit to be welcoming a well renowned economist and top U.S. ranking official such as Lawrence H. Summers. His views on U.S. and global inflation, recession, and world policies will offer our audience valuable information that will benefit their policies and strategies moving forward. Investors and policy makers alike across the GCC ad MENA region are invited to join us as we hear Summers’ predictive insights.”

The AIM summit gathers and connects investors within hedge funds, private equity, venture capital, digital assets, FinTech with global industry leaders. This year the Summit will cover topics pertaining to portfolio construction, emerging markets, frontier markets, private credit, hedge funds, the future of digital assets, NFTs, metaverse, crypto mining, ESG, impact investing and Web 3.

Audiences will also hear Summers’ views on crypto and Blockchain. Lawrence Summers, is currently an advisor for Digital Currency Group and a board member of Block.Inc, He is also well versed on the topics of cryptocurrencies, stablecoins and CBDCs. In previous events and interviews, he has espoused his belief that cryptocurrencies will do better when regulated in a sound way. He has touted crypto as being one of the most important innovations of this period akin to Digital Gold, and praises stablecoins yet believes global digital currencies are still at a nascent stage.