Tuesday, July 16, 2024
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GME Will be the new Name for Dubai Mercantile Exchange.

The Middle East and North Africa (MENA) region’s top diversified capital markets group, Saudi Tadawul Group Holding Company, has successfully acquired a 32.6% strategic stake in DME Holdings Limited.

A statement claims that the Saudi group and CME Group are now jointly the largest shareholders in DME Holdings Limited due to the transaction. International financial and commercial industry leaders, including Dubai Holding and the Oman Investment Authority, are among the other shareholders. As a result, DME will now go by the GME.

With the Group’s investment, GME will have a greater chance to take advantage of top-notch resources and know-how, propelling its development into a leading regional commodities company with a strong position to meet demand for commodities worldwide. It will facilitate a calculated move to take advantage of the Middle East’s geographical closeness to important hubs for the production of commodities as well as end markets, with GME acting as a conduit between the two.

The third-biggest crude benchmark in the world is traded on Dubai Mercantile Exchange Limited (DME), the leading energy-focused commodities exchange located east of Suez. Since the exchange’s founding in June 2007, 20 billion barrels of Omani crude oil have exchanged hands, and during the same time, 3 billion barrels have been delivered physically by the DME.

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Tuesday, July 16, 2024

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