More than a million futures contracts for Oman crude oil have changed hands since the contract was launched in Dubai two years ago as the exchange that originated it seeks to create a benchmark for global traders.
Announcing the development, the Dubai Mercantile Exchange (DME) said it reflected the growing liquidity of its futures "flagship". DME Oman had traded 1,000,174 futures contracts from its launch in June 2007 until the close of trading last Friday, representing more than 1 billion barrels of crude, the exchange reported.
"This is a testament to the overwhelming support of our customers and a growing recognition that DME Oman provides the most efficient price discovery and risk management tool to participants in the rapidly growing East of Suez markets," said Thomas Leaver, the chief executive of the DME.
Trading in the Oman contract has increased markedly this year and reached a record daily average of 2,624 transactions last month, an improvement from volumes that often fell below 1,000 per day at the start of the year. Trading activity rose after the Dubai Government decided last June to link the price of its crude exports to the contract settlement price. Volumes also benefited from the contract's listing on the CME commodities exchange in the US last February.
The "significant milestone" reflected growing acceptance of the DME Oman contract among "key energy traders and hedgers" in the Asia Pacific region, the physical market for most of the crude underlying the contract, said Craig Donohue, the chief executive of CME Group, which owns that exchange.
DME Oman was the largest physically delivered crude oil contract in the world, with monthly deliveries recently averaging 10 million barrels after reaching a record 11.6 million barrels in September, the Dubai exchange said.
The contract had struggled before this past summer to achieve sufficient trading volumes to serves as a realistic benchmark, experts and oil traders said.
@Email:tcarlisle@thenational.ae
KILLING OF QASSEM SULEIMANI
Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Cultural fiesta
What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421, Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day.
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Company profile
Name: Infinite8
Based: Dubai
Launch year: 2017
Number of employees: 90
Sector: Online gaming industry
Funding: $1.2m from a UAE angel investor
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
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The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Black Panther
Dir: Ryan Coogler
Starring: Chadwick Boseman, Michael B Jordan, Lupita Nyong'o
Five stars
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yallacompare profile
Date of launch: 2014
Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer
Based: Media City, Dubai
Sector: Financial services
Size: 120 employees
Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)