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| A comprehensive guide
to current and future events and exhibitions in the UAE |
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Valuable concise reference source on the UAE,
covering political system, economy, business, history and heritage,
education, women, healthcare, tourism and environment. |
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Natural history of the UAE,
covering all animals and plants recorded in the Emirates. |
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Report by National US Arab Chamber of Commerce on the UAE. Vol XV, No 3, June 2007. Includes analysis of UAE economy. |
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THE ECONOMY - PRECIOUS METALS AND COMMODITIES
![]() DMCCA seeds Sharia Compliant Hedge Funds
Posted on 20/06/2008
Dubai Multi Commodities Centre Authority (DMCC), an agency of the Dubai government and Barclays Capital, the investment banking division of Barclays Bank PLC, yesterday announced the first Sharia compliant hedge funds to be launched on the Al Safi Trust alternative investment platform.
DMCC has committed to seed five commodity hedge fund managers on Al Safi with USD 50 million each, a total of USD 250 million, for a Sharia compliant fund of funds product to be offered under the Dubai Sharia
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![]() Dubai Mercantile Exchange sets margins for Brent, Oman Futures
Posted on 01/06/2008
Dubai Mercantile Exchange, Dubai's venture with Nymex Holdings Inc., said it will raise the margin requirements for its Oman crude oil futures on June 2 and will introduce financially settled Oman and Brent contracts. Margins represent cash that traders must deposit to safeguard transactions. Exchanges adjust margins when they deem members and customers need to put down more or less capital to cover their trades.
The new margins for the DME's Oman contract will be US$ 7,800 for clearing
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 DMCC Energy Division registers PTT Int'l as its 100th member
Posted on 22/05/2008
Dubai Multi Commodities Centre (DMCC) announced yesterday in a Press statement that it has registered PTT International Trading (PTTT) DMCC, a subsidiary of Thailand's national oil company, as the 100th member company of its fast-growing Energy Division.
PTTT DMCC is fully owned by Singapore-based PTT International Trading Pte. Ltd., whose parent company is the PTT Group, Thailand's national oil company and a leading petroleum trading company in Southeast Asia. PTTT DMCC's core business will
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![]() DMCC plans to extend commodities receipt to Europe
Posted on 20/05/2008
State-owned Dubai Multi Commodities Centre (DMCC) plans to extend its global electronic warehouse financing instrument to Europe in the wake of the global credit crunch, a senior official said yesterday. The Global Multi Commodities Receipt (GMR), launched last November in Singapore, Malaysia and South Korea, allows businesses to access lines of credit against their inventories by pledging them in favour of member banks. It can also be used for electronic transfer of title to the goods
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![]() Value of DMCC transactions nearing billion-dirham mark
Posted on 19/05/2008
The total value of transactions done at the Dubai Multi Commodities Centre (DMCC) since it was set up in 2006 is fast approaching the billion-dirham mark after it exceeded Dh950 million recently, according to a top executive of the body.
Ashok Das, Executive Director of soft commodities and commodity trade finance at DMCC, added 110 commodities traders have registered with the centre so far and carried out a total of 1,149 transactions.
Das was speaking at the inauguration of new online
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![]() DME sets several new records in strong finish in October
Posted on 07/11/2007
The Dubai Mercantile Exchange Limited (DME) announced that it set several new records in October to mark the strongest month of trading of its benchmark Oman Crude Oil Futures Contract since the launch of the Middle East's first energy futures and commodities exchange on 1 June 2007.
The DME's Oman Crude Oil Futures Contract traded a total of 39,885 contracts during the month of October, beating the previous monthly volume record of 39,571 set during the Exchange's first month of trading in
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 Trading on DME tops 100,000 contracts
Posted on 26/09/2007
The Dubai Mercantile Exchange Limited (DME) today announced that a record 100,000 contracts, with a value of approximately US $5.25 billion, have been traded on the Exchange in less than four months since its launch on 1 June 2007.
The DME reached this key milestone for exchange-wide contracts traded following a steady increase in the trading of its benchmark Oman Crude Oil Futures Contract during the month of September. Trading on the DME has averaged 1,863 contracts per day since the start
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![]() DME announces volume records
Posted on 06/09/2007
The Dubai Mercantile Exchange Limited (DME) announced yesterday that it has set volume records for both exchange-wide trading and for its benchmark Oman Crude Oil Futures Contract for the trade date September 04, 2007.
At 5:15 PM New York time, trading volumes on the DME totalled 8,036 contracts, surpassing the previous record of 6,250 contracts set on June 05. 2007. The Exchange also recorded trades for the first time in its February 2008, March 2008 and April 2008 futures contracts
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 Dubai aims to be Mideast hub for carbon trading
Posted on 26/06/2007
Dubai has launched a bid to become a centre for trading greenhouse gas emissions permits, diving into a fast growing market and the potential to turn the region's sizeable carbon footprint into cash. Famed for its man-made islands, non-stop construction and cavernous air-conditioned shopping malls, Dubai is one of the highest per capita producers of greenhouse gas in the world.
Dubai Multi Commodities Centre (DMCC) and London-listed carbon-credit company EcoSecurities have signed a deal to try
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 DME receives 5 overseas regulatory approvals
Posted on 26/06/2007
The Dubai Mercantile Exchange Limited (DME) announced yesterday that it has received five further letters of 'no objection' from a number of overseas regulators, allowing additional traders from around the world to access the DME via DME Direct, the Exchange' state-of-the art trading platform.
The latest no objections were received from Estonia's Finantsinspektsioon, Guernsey's Financial Services Commission, the Commission de Surveillance du Secteur Financier (CSSF) of Luxembourg, and the
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 DME brings energy futures trading back to the source
Posted on 03/06/2007
The oil souq has gone electronic. The Dubai Mercantile Exchange (DME) began operations yesterday as the region's first energy futures exchange trading and the world's only physically settled contract for sour crude. The first daily settlement price of the Oman sour crude contract was $64.09.This will be the first price used by Oman's Ministry of Oil and Gas in calculating its Official Selling Price (OSP) for August cargoes.
The average settlement prices on the DME in June will be used to
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 Dubai to use DME futures prices
Posted on 31/05/2007
The Dubai Mercantile Exchange Limited (DME), a joint venture between Tatweer, a member of Dubai Holding, the New York Mercantile Exchange Inc. (NYMEX), and the Oman Investment Fund, announced yesterday that under a directive issued by HH Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, the Government of Dubai will cease pricing its export crude oil sales off its current mechanism and instead utilise DME futures prices upon launch of the
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 DME welcomes Oman as its third equity partner
Posted on 29/05/2007
The Dubai Mercantile Exchange Limited (DME), initially a joint venture between Tatweer, a member of Dubai Holding, and the New York Mercantile Exchange Inc., (NYMEX), announced
that it has concluded a transaction with the Oman Investment Fund (OIF) to sell a 30% equity stake in the Exchange.
This transaction follows the announcement by Oman's Ministry of Oil & Gas that Oman will adopt forward pricing of its crude oil based on the daily settlement price of the DME's Oman Crude Oil
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 DMCC starts venture to tap world pearl market
Posted on 07/05/2007
The Dubai Multi Commodities Centre (DMCC) yesterday tied up with the Australia-based Arrow Pearls Company, while announcing the launch of an integrated pearl centre in Dubai in order to tap the $1 billion (Dh3.67bn) annual global pearl trade.
Termed "Pearls of Dubai”, the centre will include a pearl farm, interpretative concept and a shop, showcasing a new brand of Dubai pearls that will be produced at a pearl farm located off the Dubai coast. The move comes with DMCC initiating talks with
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 DME receives licence from Dubai to begin operations
Posted on 27/04/2007
The Dubai Mercantile Exchange (DME), the Middle East sour crude futures exchange, has received a licence to operate in Dubai from the Dubai Financial Services Authority, a DFSA official said yesterday.
Gary King, Chief Executive Officer of the DME, confirmed it has received the licence.
The DFSA licence was one of the last elements delaying the launch of the DME, which recently revised its launch date from May 1 to June 1.The revision coincided with the announcement by Intercontinental
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