3 days ago
Timeframe: When the world's first 'gold to go' ATM was launched at Emirates Palace
On May 12, 2010, the Emirates Palace hotel in Abu Dhabi, now known as Emirates Palace Mandarin Oriental, introduced the world's first gold-dispensing ATM. Known as Gold to Go, it was developed by the German company Ex Oriente Lux. The ATM sold 24-carat gold bars and coins directly to users.
Within a day of being unveiled, the machine sold out. Although capable of holding up to 300 pieces, the gold ATM carried only 100 for its debut, said Thomas Geissler, the chief executive of Ex Oriente Lux.
The first piece of gold, a one-ounce bar, was presented as a token of respect to Sheikha Fatima, Mother of the Nation.
On the day of the unveiling, two men each spent almost Dh20,000 buying each of the 10 gold products on offer, The National reported at the time.
Mohamed Al Foulathi, an engineer and businessman who was an investor with Gold To Go, said then that the idea was to develop the device and expand across the region and beyond. "Anything to do with gold has to come to Abu Dhabi and then go on through to the world," he said.
The machine dispensed 24-carat gold bars in a range of sizes, including 1, 5, 10, 20, 50, 100 and 250 grams, as well as one-ounce options. It also offered gift boxes containing gold coins embossed with designs such as the South African Krugerrand, Canadian maple leaf and Australian kangaroo. Each gold bar was sealed in plastic with an anti-counterfeit hologram and included details of its purity, price per gram and the company's 10-day return policy.
Prices were updated every 10 minutes based on real-time gold market rates. The ATM itself was gold-plated, matching the opulence of the Emirates Palace Hotel.
The machine was equipped with advanced security features, including anti-money laundering software and a robust physical structure designed to resist tampering. It also had an automatic shutdown mechanism in case of malfunction.
Two more machines were installed in Dubai, one at Atlantis, The Palm in 2011 and another in Souk Madinat Jumeirah in 2013. The machines could also be found around the world, with three in the US and Germany, two in Portugal and one each in Italy, Switzerland and the UK.
The Abu Dhabi gold ATM had been removed by 2016 and the two in Dubai were taken out by 2017.
