Dubai exchange asks FD to lure foreign traders

The Dubai Mercantile Exchange has called in Financial Dynamics to prepare an international comms offensive for its upcoming launch.

The joint venture between the New York Mercantile Exchange and the government-owned Dubai Holding launches in the third quarter this year. It  has briefed FD to provide strategic counsel and comms support.

At the beginning of this month, DME chief executive Gary King unveiled the exchange's strategy, which centres on the introduction of trading hubs on an electronic trading floor.

The hubs' four to six-seat clusters will be made available to regional and international financial institutions, as well as trading companies.
The exchange is trying to tap into the lucrative energy trading market. It wants to initially develop and trade a Middle East Sour Crude Oil Futures contract. Situated in the Dubai International
Financial Centre, the DME will be the Middle East's first energy exchange.

Although Dubai is situated in the middle of the world's largest oil-producing region, the emirate's reserves are dwindling.

The DME is one of the main aspects of Dubai's plan to transform itself into an international financial centre.

The government of Dubai has separately hired FD to promote it as a destination for tourism and business (PRWeek, 24 February).

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