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New Middle Eastern Commodities Exchange Planned

Stephen Harris

13 June 2005

The Middle East's first energy and metals trading exchange, a joint venture between, the New York Mercantile Exchange (Nymex) and the government of Dubai, has been announced. The Dubai Commodities Exchange will trade gold and high-sulphur crude oil futures contracts from later on this year, initially through an electronic platform. Open outcry system may be introduced later. It is thought that the bulk of the cash investment will come from the Dubai government, with Nymex providing the technological expertise. The cost of the project is estimated at a total cost of $10 million.