The Dubai Multi Commodities Centre (DMCC) has been inundated with inquiries from banks and wealthy investors seeking to move their bullion to the high security vaults beneath the free zone following a move by Swiss banks to raise fees for gold storage.
Executives from the DMCC and Brink's, the international security company that operates the vaults, both confirmed that there had been a marked increase in gold stored and inquiries from new customers in recent months.
It is understood that UBS and Credit Suisse, the Swiss banks that lead the gold storage market in their home country, are in the process of raising gold vaulting fees because of increased costs imposed by the Basel III banking regulations. The regulations came into effect on January 1 and will be phased in until 2019.
Read more: http://www.thenational.ae/thenationalconversation/industry-insights/economics/rising-demand-for-dubais-gold-vaults#ixzz2MSfWlaeA
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