DGCX partners with Sudan's Financial Markets Regulatory to boost gold market in Africa

UAE - Mubasher: The Dubai Gold and Commodities Exchange (DGCX) has inked a Memorandum of Understanding (MoU) with the Financial Markets Regulatory Authority (FMA) in Sudan to boost the gold market across Africa.

Under the agreement, the DGCX and FMA will collaborate on areas of mutual benefit, exchange knowledge around gold trading, and foster cooperation between the two countries in gold trading, according to a press release on Tuesday.

The agreement is in line with the FMA's initiative to allow private traders to export the precious metal to raise revenues and promote the gold market in Sudan, the third-largest producer of gold in Africa.

The CEO of DGCX, Les Male, said: "We are confident that we will bring tremendous value to FMA and Sudan’s gold export market, while achieving our vision to expand our international footprint and facilitate more cross-border trading."

Meanwhile, the Director-General of FMA, Shawgi Azmi Mahmoud, commented: "Sudan is renowned for its gold production with an average production rate of 70-100 tons of gold per year, which is why this strategic partnership will help develop the economy significantly."

Mubasher Contribution Time: 22-Jun-2021 12:50 (GMT)
Mubasher Last Update Time: 22-Jun-2021 12:50 (GMT)