Maktoum bin Mohammed: The DME has gained the trust of the partners and has established its position as an approved reference in the energy markets
His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, affirmed that the Dubai government has provided all means of support necessary for the growth of the financial markets operating in it, and within an integrated partnership relationship during which the emirate was keen to continue developing the legislative and infrastructure infrastructure, including It enables these stock exchanges to consolidate its presence at the regional and global levels and enhance its presence as a strong and active partner in the market.
His Highness said, "The Dubai Energy Exchange has gained the confidence of the strategic partners and has established its position as an approved reference in the energy markets. The Dubai Government's support for it will continue."
During the meeting, His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum praised the achievements of the Dubai Stock Exchange during the past stage, pointing out that the exchange's successful strategy contributed to the unprecedented growth in trading volume and enhanced its ability to benefit from the steady growth of crude oil trading in the Middle East and Asia regions. .
His Highness also reviewed with the members of the Board of Directors of the Dubai Energy Exchange the developments in the sector at the regional and global levels, especially in light of the rapid changes witnessed by the energy market and the great opportunities it holds for growth.
His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum was acquainted with the qualitative achievements made by the DME during the last period, as the number of companies using the exchange platform for actual delivery reached 60 companies, and the number of barrels of oil delivered through the DME mechanism reached 2.5 billion barrels. The equivalent of 17 billion barrels was traded, while the number of barrels of oil that are priced according to the Oman crude oil futures contracts on a daily basis is 5.2 million barrels.
The Dubai Energy Exchange lists the “DME Oman” future contract as its main contract, which provides the most disciplined and transparent crude oil standards in the region, and the Oman crude future contract has become the main indicator for about 170 million barrels of crude oil per month since 2018, after it was limited to Pricing about 30 million barrels per month.
The meeting was attended by Ahmed Sharaf, Chairman of the Board of Directors of the Dubai Mercantile Exchange, Secretary General of the Ministry of Finance in the Sultanate of Oman Nasser bin Khamis Al-Jashmi, Undersecretary of the Ministry of Finance in the Sultanate of Oman Abdullah bin Salem Al-Harthy, Senior Director and Head of Global Commodities Markets Derek Samman, the Chicago Mercantile Exchange, and General Manager of the Dubai Stock Exchange. Energy, Raed bin Khalifa Al Salami.
It is noteworthy that the DME is the first international exchange in the Middle East for energy futures and commodities, and it aims to provide oil production companies, traders and customers interested in the markets with transparent and credible prices for crude oil, as it provides a trading environment that is subject to tight laws and depends on standards of transparency and financial security.
Major shareholders in the stock exchange have a majority stake and they are Tatweer Company, a member of Dubai Holding;
The Chicago Commodity Exchange Group, and the Oman Investment Authority.. A large group of leading international financial institutions and energy trading companies were keen to acquire stakes in the DME shares, including Goldman Sachs, Morgan Stanley, JPMorgan, Vitol, Shell Group, This gave the stock market more confidence from the most prominent international energy companies.
The DME uses in all its operations the most advanced electronic systems that can be accessed from more than 20 regions, including the main financial centers in Asia, Europe and the United States.. The exchange is located within the Dubai International Financial Center, and is subject to the laws of the Dubai Financial Services Authority.. Clearing and securing all trades through CME Clearing of the Chicago Mercantile Exchange Group.
The DME is subject to the controls imposed by the Dubai Financial Services Authority, and all trade operations on the exchange are cleared through the clearing house of the New York Mercantile Exchange “a member of the Chicago Commodity Exchange Group”, and subject to the legislation of the American Commodity Futures Commission “CFTC”, and it is licensed as an approved body by the Dubai Financial Services Authority.
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