UAE’s gold ATMs used for $7m transactions by investors, tourists
Gold vending machines were used by tourists and investors in the UAE for transactions worth $7m over the last 18 months, a leading Middle East business news website reported on Sunday.
Quoting the CEO of Ex Oriente Lux, a German firm which installed four units in the country, Arabian Business said gold auto-teller machines have been a rage in the Emirates.
“Around 17,000 consumers took the chance to purchase gold bars or coins from the UAE gold vending machines. Each single purchase had an average of AED1,500 ($408),” Thomas Geissler, CEO of German firm Ex Oriente Lux, told the business news website.
According to the details, the ‘Gold-to-Go units’ are covered in 24-carat gold and dispense one, five and 10g bars, as well as 1oz bars of gold on demand. The user can also track the fluctuating price of gold on international markets with an inbuilt website that updates the price every 10 minutes.
The four gold ATM units in the UAE can be used at Emirates Palace in Abu Dhabi, at the Atlantis The Palm Hotel and two in Burj Khalifa.
The report said that the most used gold ATM in the UAE was the unit at the ground floor of the Burj Khalifa, followed by the Emirates Palace unit, which was the first one in the country.
The leading business news website disclosed that the German firm was aiming for 15 more units in the UAE as part of its expansion in the region.
“The plan is to be very stable in the UAE and have 15 machines installed. Then we will stop when we think the market is covered, before going further to the other territories of the Middle East,” Arabian Business quoted the German CEO as saying.