Oman Crude Oil Futures Start Trading on Dubai Financial Market

Oman crude oil futures began on the Dubai Financial Market (DFM) on Wednesday.

DFM’s new monthly futures contract tracks the performance of DME (Dubai Mercantile Exchange) Oman crude oil futures, making it accessible to a wide range of investors, DFM said in a statement on Wednesday.

Crude oil futures contracts are traded in US dollars and settled in cash daily, based on their closing price.

“The launch of Micro DME Oman Crude Oil Futures…brings a whole new asset class to the market allowing our investors, especially retail investors, to participate in the opportunities of one of the key economic sectors in the world. region,” said Hamed Ali, managing director of DFM and Nasdaq Dubai.

The Dubai Stock Exchange’s move comes as the emirate seeks to increase stock market liquidity and attract more listings.

Last year, Dubai revealed plans to list 10 state-owned companies as part of its strategy to increase the size of its capital market and attract foreign investment.

Currently dominated by financial services and real estate companies, the government aims to further diversify the sectors on the DFM. Dubai last year approved a market-maker fund worth 2 billion dirhams ($544 million) to encourage listings in sectors including energy, logistics and retail.

In April, the Dubai Electricity and Water Authority became the first public entity to list on the DFM, raising 22.41 billion dirhams in an oversubscribed share sale.

Oman crude oil contracts will be backed by three market makers, xCube, Al Ramz Capital and BHM Capital.

They will be offered by several DFM trading members, including International Securities, BHM Capital Financial Services, Al Ramz Capital, Mena Corp Financial Services, Al Dar Shares and Bonds, Sico Financial Brokerage, EFG Hermes and Arqaam Securities, according to the release.

“The new contracts are also the first result of the collaboration agreement between DFM and DME to develop new investment opportunities and offer retail investors the opportunity to be directly involved in the most important asset class and most relevant in the region, DFM said.

Updated: 01 June 2022, 13:02

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