RAKBANK hosts Dubai Launch of Gold Focus 2018

DUBAI, 4th April, 2018 (WAM) -- The National Bank of Ras al-Khaimah, RAKBANK, today hosted the launch of Metals Focus Gold 2018 Annual Report at its Dubai Headquarters located in Dubai Silicon Oasis. Metals Focus, one of the world’s leading independent precious metals research companies, has released its much anticipated Gold report in the Emirate to coincide for the first time with similar launch events in London, Mumbai and Toronto on the same day. At the launch of Gold Focus 2018, RAKBANK introduced its RAKGOLD initiative, a division of its Treasury department, which represents the establishment of the Middle East region’s first full service end-to-end Bullion Banking unit. The event was attended by Peter England, RAKBANK CEO, Philip Newman, Director at Metals Focus, Neil Meader, Research & Consultancy Manager at Metals Focus, Vikas Suri, Managing Director of Treasury at RAKBANK, Jeffrey Rhodes, Principal Consultant to the RAKGOLD project and Founder of Rhodes Precious Metals Consultancy DMCC, along with other top management from RAKBANK and Metals Focus. Speaking on the occasion, RAKBANK CEO said, "We recognise the strong appeal for investing in physical gold across the UAE with many people having an unshakeable belief in the security and safe haven status that the yellow metal offers. The Bank is delighted to be associated with Metals Focus, given its highly regarded position in the global precious metals industry, and we see this landmark event as a statement of intent as RAKBANK rolls out its RAKGOLD initiative that will contribute to the future development of the region’s bullion market". Managing Director of Treasury at RAKBANK said, "RAKBANK began its involvement with the gold sector two years ago with the establishment of wholesale gold loan activities; over the last twelve months we have been working on developing the required infrastructure to enable the Bank to offer its Corporate clients, both Conventional and Islamic, as well as Retail, a wide range of suitable products and services that will support the physical gold sector in the UAE". Director at Metals Focus said, "We are delighted to partner with RAKBANK on the launch of our annual Gold Focus 2018 report given their plans to establish full service bullion banking operations and we look forward to developing a deep and long lasting relationship".