Oman buys 30% share of DME

by Daniel Stanton Monday, 28 May 2007

Oman Investment Fund (OIF) has taken a 30% stake in Dubai Mercantile Exchange (DME), the commodities and energy futures exchange due to launch at the beginning of June.

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The DME was originally a joint venture between NYMEX (the New York Mercantile Exchange) and Tatweer, a member of Dubai Holding.
Saeed Al Muntafiq, chairman of Tatweer, commented: "We are delighted to welcome the Oman Investment Fund as a partner in this historic venture. The acquisition of a 30% stake in the DME further validates our strong and visionary business model."

The DME's first contract will be Oman sour crude futures, and Oman's Ministry of Oil and Gas recently announced that the sultanate would adopt forward pricing of its crude oil based on the daily settlement price of the contract.

OIF chairman HE Ahmed bin Abdulnabi Macki commented: "The Oman Investment Fund is pleased to participate as a strategic partner in developing the Dubai Mercantile Exchange and we are also excited that the Exchange will use the new benchmark Oman Crude Oil Futures Contract. The Sultanate of Oman views this as a significant milestone for the fast growing financial markets of the region."

More than 50 members and 20 market makers have been approved by the DME Membership Committee.



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