{"id":93290,"date":"2024-06-27T00:00:00","date_gmt":"2024-06-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/dubai-mercantile-exchange-%e2%86%92-gulf-mercantile-exchange\/"},"modified":"2024-06-27T00:00:00","modified_gmt":"2024-06-27T00:00:00","slug":"dubai-mercantile-exchange-%e2%86%92-gulf-mercantile-exchange","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/06\/27\/dubai-mercantile-exchange-%e2%86%92-gulf-mercantile-exchange\/","title":{"rendered":"Dubai Mercantile Exchange \u2192 Gulf Mercantile Exchange"},"content":{"rendered":"

Saudi Tadawul Group signed a sale and purchase agreement to acquire a 32.6% stake in<\/strong> Dubai Mercantile Exchange (DME) for USD 28.5 mn<\/strong>, it said in a disclosure<\/a>. The acquisition was first agreed in January<\/a> under the same terms, and gives STG the option to buy more shares in the future.<\/p>\n

The fine print:<\/strong> Tadawul Group will take a strategic stake in DME\u2019s parent company, DME Holdings, making it the joint largest shareholder alongside financial services company CME Group<\/a>. Other DME Holdings shareholders include Oman Investment Authority and Dubai Holding. <\/p>\n

A regional rebrand:<\/strong> Saudi Tadawul will rebrand the DME as the Gulf Mercantile Exchange, which it says is meant to emphasize the exchange\u2019s regional and global significance. The Gulf Mercantile Exchange will continue to operate out of the Dubai International Finance Center and be regulated by the Dubai Financial Services Authority. CME Group will continue to provide the exchange\u2019s technology and clearing services.<\/p>\n

Keeping the DME Oman contract out of it:<\/strong> The agreement stipulates that no changes will occur to any aspect of DME Oman contract and that \u201cno Saudi Arabian crude oil contract will be traded, sold or bought on, or indexed to, nor will Saudi crude be delivered against, the DME Oman contract via DME\u201d to maintain neutrality and price discovery.<\/p>\n

What is the DME Oman contract? <\/strong>DME hosts the DME Oman contract, the world\u2019s largest physically delivered crude oil generator. This contract ranks as the third most important global benchmark for crude oil and is used by five national oil companies in GCC countries.<\/p>\n","protected":false},"excerpt":{"rendered":"

Saudi Tadawul will rebrand the DME as the Gulf Mercantile Exchange<\/p>\n","protected":false},"author":1,"featured_media":93291,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2392],"tags":[667,666,7,665,60,664],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-93290","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-cme-group","tag-dme-holdings-limited","tag-enterpriseam-uae","tag-gulf-mercantile-exchange","tag-ma-watch","tag-saudi-tadawul-group","wpautop","entry"],"acf":{"mongo_id":"6bb40cf4-f19f-4206-a214-3849343e381a","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/1763.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Tadawul Group snaps up 32.6% stake in Dubai Mercantile Exchange","related_issue":[93278],"teaser":"Saudi Tadawul will rebrand the DME as the Gulf Mercantile Exchange","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.be11e03b-ff0c-4e69-affc-64ef4cfde61d.mp3"},"yoast_head":"\nDubai Mercantile Exchange \u2192 Gulf Mercantile Exchange - 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