UAE-based contract United Engineering Construction (UEC) has been awarded a deal by Kaloti Jewellery Group to build a gold and precious metals refinery in Dubai.

The $60m project, located in Dubai Multi Commodities Centre (DMCC), will have the capacity to refine 1,400 tonnes a year (t/y) of gold and 600 t/y of silver as well as platinum group metals and other metals. The facility will also produce casted and minted bars, jewellery and semi-finished precious metal products.

UEC is expected to complete the construction of the plant in the first half of 2015 on the project’s 15,000-square-metre site. According to Kaloti, it will be the world’s largest precious metals refinery.

Process engineering contracts have been signed for the refinery with Italy’s Italimpianti Orafi, and Swiss and German companies.

Kaloti Jewellery Group is owned by Jordan’s Al-Kaloti family and Lebanon’s Medakka family. Kaloti’s existing gold factory in Sharjah, built in 1991, is the largest gold refinery in the region.