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JP Morgan Buys Equity Stake in Dubai Mercantile Exchange - ASHARQ AL-AWSAT English Archive
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DUBAI (Reuters) – JP Morgan has taken an equity stake in the Dubai Mercantile Exchange (DME), the market said in a statement on Tuesday.

JP Morgan is joining a number of international financial institutions including Goldman Sachs already invested in the DME, which allowed the sale of an equity stake of up to 20 percent to strategic investors this year.

The DME launched its Oman OQc1 contract last year as the first Middle East sour crude futures contract to have the backing of oil producers. The governments of Oman and Dubai are shareholders. The New York Mercantile Exchange is also a shareholder.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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