In September 2007 the DMCC minted the first ever UAE commemorative gold coin featuring the Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum (see above). The proposed design for the new currency has the President of the UAE, His Highness Sheikh Khalifa bin Zayed on one side and the world’s tallest building, the Burj Khalifa on the obverse....The post concludes with the reasonable guess that Dubai simply wants to mint a coin that's competitive with bullion coins such as the Maple Leaf and U.S. Gold Eagle.
Among gold bugs there is bound to be immediate speculation as to whether this would mark a step towards a gold-backed currency in the UAE. But that is clearly a very presumptive and premature conclusion as the UAE does not presently even have any official gold reserves.
Thursday, February 11, 2010
Dubai Proposes New Legal-Tender Bullion Coin
As reported at ArabianMoney.net, Dubai has proposed minting a new legal-tender gold coin:
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