CME Will Boost Dubai Oil Bourse Investment With Oman Fund
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CME Group Inc., the world’s largest futures exchange owner, and Oman Investment Fund will raise their respective stakes in the Dubai Mercantile Exchange to support expansion at the Middle East oil bourse.
CME Group’s Nymex division will double its holding to 50 percent, while Oman’s sovereign wealth fund will own 29 percent of the Dubai exchange, according to a PRNewswire statement released today. The DME will receive “significant new funds,” Chief Executive Officer Thomas Leaver said in a conference call, without providing further financial details. The Dubai exchange’s only product is the Oman crude futures contract.