2014-04-03 11:37:37 - With the new investment, company will operate & supply gold to 21 vending machines worldwide
Dubai, UAE – 3 April, 2014 – Gold Arab Emirate (Gold AE), the first corporate entity in the Middle East to be incorporated in Dubai for online trading of deliverable gold and silver, announced that it has formed a strategic partnership with Gold to go, the worldwide pioneer in direct sales of gold and silver via vending machines.
Under the collaboration, Gold AE has obtained the right to manage and supply gold to gold vending machines in the UAE. At present, there is one Gold ATM machine located in Atlantis The Palm Hotel in Dubai, with plans to soon add more machines in key places like Souk Madinat and Dubai Mall. In Abu Dhabi, there are already machines placed at
the Emirates Palace, two in Al Bateen Airport and four at Abu Dhabi International Airport-Arrival Hall. Plans are set to add more machines in Marina Mall as well as other locations. Gold AE is also planning to buy more gold-dispensing machines in the future – increasing the number to 50 machines.
According to the company’s senior executives, Gold AE’s latest partnership is in line with its main goal to enhance and strengthen gold and silver trading in regional and international markets through the use of the newest technologies and innovations. The company, whose core business is e-commerce in physical gold and silver, is operating under commercial license # DMCC 31142 issued by Dubai Multi Commodities Centre (DMCC). DMCC is a Dubai Government initiative to monitor and facilitate the commodities trading in the UAE.
Sheikh Sultan bin Khalifa bin Sultan Al Nehayan, Chairman, Gold Holding, said: “Gold AE will now be able to significantly expand the offering in the international gold market by making high valued products easily accessible to a retail base of customers. The gold-dispensing machines have been strategically located across the UAE for the convenience of all citizens, and the company still plans to add more machines to better serve their needs in the coming time. Gold is and always has been an important strategic asset for many generations and we look forward to this venture to allow greater access for the people of the Gulf region.”
Thomas Geissler, CEO, Gold to go, said: “We welcome this strategic partnership with Gold AE as we share their vision to continuously provide proficient and reliable trading solutions. The partnership is expected to bring in new prospects that will mutually benefit both companies in terms of business growth and expansion in the Gulf region. With strong management teams and solid business models, Gold AE and Gold to go are geared up towards becoming one of the key players in the international market of bullion trading.”
About Gold AE
In addition to its presence in Dubai, Gold AE has branches in Abu Dhabi in the UAE, Jordan, Turkey, and Switzerland as well as affiliations in Qatar, Saudi Arabia, and Egypt. It employs experienced team of seasoned bullion professionals which gives it a competitive advantage over other companies in the market. It also gains a remarkable reputation as an emerging market participant in gold market in the Gulf region.