Emirates Group has signed an agreement to supply HSBC with gold bullion storage, transportation and delivery services.
Emirates Group has signed an agreement for Transguard, the group's security services provider, to supply HSBC with gold bullion storage, transportation and delivery services.
HSBC is the world's largest clearer of 'over-the-counter' gold and silver, and is the only member of all of London's daily metals fixings.
It has chaired the London Bullion Market Association twice in recent years. Transguard's vaults are insured to hold up to $50 million at any one time. They have 24-hour monitoring, state-of-the-art locking mechanisms with the latest time-controlled technology.
HSBC is expanding its precious metals business in the Middle East.
This agreement with one of the world's largest financial institutions proves the fact that Dubai has all the pre-conditions to be successful as a transportation hub and commercial centre.
It is planned to offer a comprehensive range of gold services including physical gold as well as gold loans, gold hedging and international transfers of gold using the HSBC Group's large bullion network across the globe.
The company has satellite tracking for its fleet of American-built armoured vehicles which will be used to transport the gold bullion.