Dubai Mercantile Exchange, which trades Oman's crude oil futures contracts, unveiled a new trading platform that will allow several crude grades to be traded through the exchange.
The exchange, which is based within the Dubai International Financial Centre, will allow trade in regional grades such as Dubai, Upper Zakum, Murban, Basrah Light, Basrah Heavy, Al Shaheen and Oman.
Most of these grades currently trade as over-the-counter contracts. However, the DME said its new Alternative Crude Ecosystem will price them as differentials to its Oman futures contracts.
The Alternative Crude Ecosystem "is a unique platform where it combines Futures and OTC in one transparent window for the very first time, offering all participants opportunities to optimise their trading activities and manage their exposure across multiple crude grades," said DME managing director Raid Al Salami.
The DME Oman crude grade, which is based on a medium gravity, high sulphur crude is used by several regional players, including Saudi Aramco.
Middle Eastern players are playing a greater role in the pricing and trading of oil.
Adnoc and a number of its trading and upstream partners unveiled crude futures based on the UAE's premium Murban crude grade.
The futures contracts began trading on the new ICE Futures Abu Dhabi exchange at Abu Dhabi Global Market last week.
The new service by the DME will provide a "consistent fair value" for sour crude barrels to the east of the Suez, it said.
The DME's Oman crude oil futures contract, launched in 2007, is based on physical delivery using the sultanate's oil storage and loading facilities.
The size of the contract is 1,000 barrels to be settled daily at the close of trading in Singapore.
Oman's undersecretary for the ministry of energy and minerals, Salim Al Aufi, said the new Alternative Crude Ecosystem at DME "enhances the price discovery and offers a fair price for the key commodity of the region".
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
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On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
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- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
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- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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Price: On request
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5 of the most-popular Airbnb locations in Dubai
Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:
• Dubai Marina
The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.
Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739
Two bedroom: Dh627 to Dh960
Three bedroom: Dh721 to Dh1,104
• Downtown
Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure. “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."
Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154
• City Walk
The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena. “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”
Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809
Two bedroom: Dh682 to Dh1,052
Three bedroom: Dh784 to Dh1,210
• Jumeirah Lake Towers
Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.
Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629
Two bedroom: Dh549 to Dh818
Three bedroom: Dh631 to Dh941
• Palm Jumeirah
Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.
Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770
Two bedroom: Dh654 to Dh1,002
Three bedroom: Dh752 to Dh1,152
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