CHICAGO (AP) - The Chicago-based CME Group says it's doubling its stake to 50-percent in the Dubai Mercantile Exchange. The exchange is a hub of trading for oil contracts in the Persian Gulf. The CME Group said in a statement today that its New York Mercantile Exchange division is raising its stake in the Dubai exchange from 25-percent. The Sultanate of Oman's sovereign wealth fund also is increasing its stake to 29-percent from an undisclosed level.
The statement said the new investment will help the Dubai exchange develop new trading products and services. Trading volumes increased 19-percent on the Dubai exchange last year, with more than 145 million barrels of crude oil delivered. The rest of the Dubai exchange is owned by a host of regional investment funds and international corporations. - http://goo.gl/RcgeA
