The Dubai Mercantile Exchange (DME) said today that it will offer a 20 per cent equity stake in the exchange to a group of six prominent investment and energy trading firms in an attempt to increase interest among international investors to boost its liquidity.
The DME is the home of the most prominent contract for Middle Eastern sour crude, which it hopes will be a measure for world crude prices, but it has struggled with relatively low levels of liquidity. DME officials hope the entrance of several major institutions, including Goldman Sachs and Morgan Stanley, will raise the exchange's international profile.
The firms involved also include Vitol, Concord Energy, Casa Energy Trading and a division of Shell.
Ahmad Sharaf, the DME chairman, said: "The deal gives us access to some of the best minds in the world in the commodities sector as we try to find a balance between financial traders and physical traders."
The DME's flagship crude oil contract has grown in prominence in the year since it launched, but the exchange has been criticised for its volatility, which traders ascribe to a low level of liquidity and dominance by a few major traders.
At one point last month, the contract closed higher than the West Texas Intermediate contract, even though Oman crude oil is of lower quality and nearly always priced at a discount.
Mr Sharaf declined today to comment further on the structure of the equity stake, including the size of the holding that each company would take. He rejected a suggestion that the new investors would be required to trade a set number of contracts to raise the exchange's liquidity.
"As an exchange we cannot force any sort of liquidity," he said.
Mr Sharaf also declined to say which division of Shell was involved, and took pains to note that the DME board authorised the dilution of up 20 per cent of equity, which did not necessarily mean that the companies had taken the full 20 per cent stake.
Mr Sharaf said the exchange wanted to grow its volumes and the number of products it offered. He said the DME had already succeeded in creating "a third global benchmark" for the trade of crude. "We have created a highly regulated and transparent futures exchange designed to maintain market integrity and transparency," he said.
Thomas Leaver, the DME chief operating officer, stressed Asia was the key growth market for the exchange, since 64 per cent of middle-eastern crude gets shipped to markets in the region, and the exchange would look to raise its profile there.
"Our international outlook and visibility has really set us apart," he said. "As the effects of decoupling become apparent, international interest in the region is growing."
But Mr Sharaf indicated that the DME had no plans to sell equity stakes to Asian firms. "There's nothing indicating an equity stake with any company in that region at the moment," he said.
The DME is a joint venture by Tatweer, New York Mercantile Exchange (Nymex) and the Oman Investment Fund. After today's announcement, the three owners each have 25 per cent stakes in the DME, with the remaining five per cent held by exchange members.
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
Timeline
1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line
1962
250 GTO is unveiled
1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company
1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens
1976
First automatic Ferrari, the 400 Automatic, is made
1987
F40 launched
1988
Enzo Ferrari dies; Fiat expands its stake in the company to 90 per cent
2002
The Enzo model is announced
2010
Ferrari World opens in Abu Dhabi
2011
First four-wheel drive Ferrari, the FF, is unveiled
2013
LaFerrari, the first Ferrari hybrid, arrives
2014
Fiat Chrysler announces the split of Ferrari from the parent company
2015
Ferrari launches on Wall Street
2017
812 Superfast unveiled; Ferrari celebrates its 70th anniversary
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
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In criminal cases, you can contact the police for additional support
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The five pillars of Islam
Killing of Qassem Suleimani
Five famous companies founded by teens
There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:
- Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate.
- Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc.
- Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway.
- Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
- Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The specs: 2018 Mercedes-Benz GLA
Price, base / as tested Dh150,900 / Dh173,600
Engine 2.0L inline four-cylinder
Transmission Seven-speed automatic
Power 211hp @ 5,500rpm
Torque 350Nm @ 1,200rpm
Fuel economy, combined 6.4L / 100km
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
