World-class gold refinery to be built in Dubai

Dubai's status as an international investment hub will be enhanced when a world-class gold refinery is built in the city in the next year.Leaders of Kaloti Group – one of the largest and most respected precious metal traders on the planet – have announced that the facility will be erected in the Jumeirah Lakes Towers Free Zone.The project is due to be finished in 2014 and it will be one of the largest refineries in the world.There is huge demand for Kaloti's products at the moment and the new refinery will enable the firm to triple its output.Munir Kaloti, chairman of Kaloti Group, confirmed that the complex will be specially built with energy efficiency and sustainability in mind and the company is committed to raising awareness of responsible mining issues.It will also be the first refinery to implement Green Building Standards, which have been brought in by the Dubai Municipality.”This represents a major investment in expanding and upgrading our refining facilities. This will be a state of the art refinery to rival the best in the world,” he remarked.”It will strengthen our ability to meet the growing international demand for our products as well as give us capacity for growth in the years ahead.”Dubai is renowned for being a playground for the rich and famous and it is home to some of the most exclusive jewellery boutiques on earth.With this in mind, it really is no surprise to see precious metal traders increasing their presence in this part of the Gulf.The emirate has also emerged as a diamond trading hotspot in the past few years, as stones worth US$39 billion (AED 143.25 billion) changed hands in the city in 2011, the National recently reported.Ahmed bin Sulayem, the executive chairman of the Dubai Multi Commodities Centre, told the news provider that the emirate has struck up partnerships with major diamond trading centres, including Antwerp, Mumbai and New York.