DMCC says contract may include variety of food crops and allow for physical delivery.
A Dubai pulses futures contract could include a variety of food crops and may allow for physical delivery, the Dubai Multi Commodities Centre (DMCC) said in a statement on Wednesday.
The centre was looking at a contract size of 10 tonnes, which could include yellow peas, chickpeas, pigeon peas, black matpe beans and red lentils, DMCC Chief Executive Officer David Rutledge said in the statement.
The contract would mostly be settled on paper, but could allow physical delivery to warehouses at international ports or export ports, Rutledge said.
"Dubai is ideally situated in a region with a growing demand for pulses and that is located close to India, the world's leading producer and importer of pulses," David Rutledge, the chief executive officer of the DMCC, said in the statement.
"DMCC is the ideal commodities trading centre to introduce a pulses futures contract."For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.