‘Strengthening UAE’s Gold Industry: H.E. Dr. Thani Al Zeyoudi’s Strategic Visit to UAE’s leading gold refinery SAM Precious Metals’

In light of supporting the ‘We the UAE 2031’ vision, His Excellency, Dr. Thani Al Zeyoudi, the Minister of State for Foreign Trade and Minister in charge of Talent Attraction and Retention at Ministry of Economy, UAE, visited SAM Precious Metals, Dubai Headquarters recently. ‘We the UAE 2031’ vision represents a national plan that seeks to enhance the position of the UAE as a global partner and an attractive and influential economic hub. The UAE is on course to achieve its target of Dh4 trillion ($1 trillion) in non-oil foreign trade by 2031.

The UAE accounts for a significant share of the world’s gold trade especially in the bullion trade. The gold trade in the UAE is one of the most important economic sectors with a share of 20% of the country’s total non-oil exports. H.E. Dr. Thani Al Zeyoudi, who is also the Chairman of Emirates Bullion Market Committee, made a visit to SAM Precious Metals, which is a UAE Good Delivery Refiner, and a highly renowned precious metals refinery in the region, mainly dealing in gold and silver. Utilizing cutting-edge refining techniques and technology, SAM produces the highest quality of products that meet and exceed global standards. SAM products are actively traded in many exchanges, including Dubai Gold & Commodities Exchange (DGCX) and India International Bullion Exchange IFSC Limited (IIBX). A range of local UAE banks, as well as other regional banks and regulated investment funds, deal in SAM gold and silver bullions. SAM accreditation represents a comprehensive benchmarking system that encompasses all aspects of excellence, ranging from the Good Delivery to health, safety, environment, and management systems, as well as laboratory capabilities.

During his visit, H.E. Dr. Thani Al Zeyoudi, discussed with Mr. Sami Abu Ahmad, the Chairman of SAM Precious Metals, the forward-looking vision of His Highness Sheikh Mohamed bin Zayed Al Nahyan and the UAE’s leadership, and its approach to openness and collaboration with the rest of the world to drive sustainable economic growth. H.E. Dr. Thani shared his views on UAE Cabinet’s approval, under the leadership of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, of the policy to enhance the competitiveness of the UAE in the gold markets regionally and globally while maintaining its position on the world map as a global hub for gold trading. H.E. Dr. Thani further mentioned about UAE’s plan to establish comprehensive economic partnership agreements (CEPAs) with nations and blocs that together account for 95 per cent of global trade today, which will create more growth opportunities for the non-oil trade in line with UAE’s vision.

Mr. Sami, shared with H.E. Dr. Thani, the vision of SAM Precious Metals which involves an unwavering commitment to fostering connections between producing and consuming countries. SAM understands the critical role that precious metals play in various global industries and strives to ensure a seamless and efficient flow of these valuable resources. SAM’s vision extends beyond traditional refining practices as it ventures into the realm of developing value- added products with wide-ranging applications. SAM’s goal is to provide industries with high-quality materials that enhance efficiency, sustainability, and performance, contributing to advancements and breakthroughs across sectors. SAM aims to be the top choice for customers in the precious metals industry, recognized not just for its products, but also for its integrity, reliability, and customer-centric approach. Mr. Sami also talked about the challenges faced by the precious metals industry and provided insights into the future initiatives and developments that SAM is pursuing. In addition, Mr. Sami shared with H. E. Dr. Thani the efforts taken by SAM towards digitalisation of its supply chain management systems and its advancements in responsible sourcing and AML/CFT compliance.

Mr. Sami and the leadership team at SAM provided H.E. Dr. Thani with a comprehensive tour of the SAM Refinery, during which H.E. Dr. Thani was able to review the refinery’s cutting-edge facilities and innovative design. His Excellency Dr. Thani expressed appreciation for SAM Precious Metals’ exemplary achievements and pledged robust support from the UAE government to further expand the gold and precious metals industry. Mr. Sami expressed gratitude for H.E. Dr. Thani for his kind words and promised that SAM Precious Metals will work relentlessly towards the growth and enhancement of the gold and precious metals sector in the UAE and globally.