United Investing Group, US-Based Tech Investment Giant plans on expanding globally in Precious Metals

As market value estimated to reach US415 bn by 2028

Dubai, UAE – December 12, 2022 —

•      The Middle East Precious Metal Refining Market size is forecast to reach US$25.3 billion by 2027;

•      Global Precious Metal Market was worth US$240.5 billion in the year 2021;

•      The market is projected to grow at a CAGR of 8.1%, to US415.3 billion by the end of 2028.

UNITED INVESTING GROUP, a US-based multi sector investment, is planning to set up around 13 refineries around the globe. Established and Corporate office in Dubai, the city of gold, UIG Precious Metals is one of the top gold and silver refineries in the UAE and is globally renowned in the industry with high end and state-of-the-art facilities.

The company is a significant global player and has an excellent vision to expand globally. The day-to-day operations of the organization are overseen by a group of seasoned executives who come from a wide range of backgrounds having more than 300 years of collective professional experience.

The Middle East Precious Metal Refining Market size is forecast to reach US$25.3 billion by 2027 after growing at a Compound Annual Growth Rate (CAGR) of 6% during the forecast period 2022-2027. Precious metals are available in a wide range of product types which include gold, iridium, silver, platinum, palladium, ruthenium, and others. They are used for a wide range of applications which include aero space, jewelry, watches, catalysts, automotive, electronics, antimicrobial agents, and other similar applications. 

UIG is focused on four key themes – the future of precious metals trade, stepping up sourcing integrity, safe fund transfer of the precious metals trade and resetting global price benchmarks in association with Precious Metal Market Pioneers across the Globe. 

Hundreds of traders, regulators, industry bodies and exchanges gathered to discuss these themes, with a particular emphasis on the need to continuously enhance sourcing integrity in the precious metals industry. The Ministry of Economy’s UAE Good Delivery Standard and recently updated Due Diligence Regulations for Responsible Sourcing of Precious Metals are critical to the future of precious metal trading in the industry as a whole, with all refineries and other regulated entities operating required meeting international standards and best practices. 

On the eve, UIG announced partnership of their Subsidiary body United Energy Endeavors with

MR.PARMINDER SINGH of MNS to digitize Responsible Sourcing of Precious Metals 

The opening keynote address was delivered by Mr.Parminder Singh who said: “The GCC has become a thriving hub for the precious metals trade, meaning there is no better place to host such a prominent conference. Through the Ministry of Economy and its UAE Gold Bullion Committee, we are further positioning the UAE at the heart of the global gold trade, upholding the highest international standards in key areas such as financing and the responsible resourcing of gold. I would like to thank DMCC for the significant role that they have played in building the UAE’s gold industry.”

Over the course of the day, delegates discussed the influence of bilateral and multilateral trade agreements, the changing role of market infrastructure institutions, reforms through digitization, the role of technology infrastructure in trade and physical investment market, the evolving nature of bullion trading centers and increased relevance of standardization, and the shifting influence in global supply chains of major gold producers such as China and Russia.

Speakers and panelists delved into some of the recent global risks and challenges facing the sector, namely post-pandemic efforts to ramp up sourcing integrity measures, the effects of geopolitical events such as conflicts in mining regions, the challenges faced by auditors and compliance officers, mitigating risks in scrap reporting, managing sanctions and trade diplomacy.

The financialisation of the precious metals trade was in focus, looking at the role of banks and other financial institutions, as well as vaulting infrastructure and digitization of assets. 

The final panel of the day tackled the resetting of global price benchmarks and whether new benchmarks need to be created. Speakers also discussed the ongoing relevance of gold-dollar correlation and gold-silver ratio in the new world order, and the modern investment case for gold.

In his final remarks, Mr. Vikram Shankar , MD of Neptune Corp, said: “As a facilitator and promoter of United Investing Group, is committed to solidifying the Emirate’s status as a global hub for the trade of precious metals.”

Contact Info:
Name: Ahmed Balouki
Email: Send Email
Organization: SBM Consultancy
Website: http://www.Uee.llc

Release ID: 89086300

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