The NYMEX delegation is visiting Dubai to further develop the Dubai Mercantile Exchange (DME) project with the Dubai Development and Investment Authority (DDIA). The delegation includes 12 Board representatives from NYMEX including Scott Hess, member of the Executive Committee. The delegation was also received by Mohammed Al Gergawi, Chairman of the Board of DDIA. During the meetings the two parties discussed recent developments in Dubai and reviewed areas of growth and progress for the DME.
The Dubai Mercantile Exchange project was announced on February 15, 2004 and is one of DDIA's latest projects. Through the DME, DDIA and NYMEX will focus on the creation of new and differentiated products primarily revolving around derivatives in commodities such as crude oil, natural gas, electricity futures.
"NYMEX brings decades of experience to the DME project given their leadership in the commodities futures markets," said Mohammed Al Gergawi, Chairman of the Board, DDIA. He added "Our partnership will enhance Dubai's position as the region's trading hub and integrate the region into the global derivatives marketplace."
Home to 65% of the world's crude oil and 40% of the world's natural gas reserves, the Middle East has a unique role to play in the world's energy markets. However, the opportunities for product development on the exchange are diverse. According to Mr. Hess, "In addition to energy products, the physical flow of commodities, create a dynamic trading environment conducive towards the establishment of the DME."
During NYMEX's visit, the delegation will experience Dubai's existing trading culture and explore the world class infrastructure which has made Dubai the region's economic hub of choice. Mr. Hess adds, "We are excited about His Highness's vision for Dubai and feel there is a tremendous opportunity to work together in making Dubai a complete trading capital for the region".
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Mohammed bin Rashid welcomes NYMEX board of directors to Dubai
- United Arab Emirates: Tuesday, March 30 - 2004 at 15:30
- PRESS RELEASE
His Highness General Sheikh Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Minister of Defense, welcomed the Board of Directors from the New York Mercantile Exchange (NYMEX) at the prestigious Dubai World Cup.
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About DMEThe DME is to have a trading floor and clearing house as well as a training institution and NYMEX will offer top UAE candidates internships in New York. The Authority's plans for DME involve creating a platform from which the entire Middle East can participate in the commodities value chain. The DME has come in a time where the Middle East, home to 65% of the world's crude oil and 40% of the world's natural gas reserves, is one of the world's major trading hubs without a commodity exchange. DME will enable the region to become a serious player in the world's energy and commodities markets and will provide a mechanism for managing risk in a regulated and well structured environment.
About DDIA
Strategically located at the crossroads of trade and commerce between Europe and the Far East, DDIA is a Government Authority entrusted with catalyzing the growth and development of Dubai's economy, by attracting corporate and private investors to the UAE and by facilitating the growth of leading local businesses and encouraging local entrepreneurs.
To meet these goals DDIA is tasked with developing strategies to attract inward private sector investment into Dubai, mobilizing domestic capital resources for growth and innovation, marketing the business benefits of Dubai to leading global companies and helping leading local companies to develop additional added-value services for their businesses.
About NYMEX
The New York Mercantile Exchange, Inc. is the world's largest physical commodity futures exchange and the pre-eminent clearinghouse for energy and precious metals.
The Exchange has stood for market integrity and price transparency throughout its 130-year history. Trading is conducted through two divisions, the NYMEX Division, home to the energy, platinum, and palladium markets; and the COMEX Division, on which all other metals trade. The Exchange pioneered the development of energy futures and options contracts nearly 25 years ago as means of bringing price transparency and risk management to this vital market. Transactions executed on the Exchange avoid the risk of counterparty default because the Exchange clearinghouse acts as the counterparty to every trade.
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Fax: 9714-2226888
Posted by Christine H. Andersen, Assistant News EditorTuesday, March 30 - 2004 at 15:30 UAE local time (GMT+4)
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