Business | Markets
JPMorgan buys stake in Dubai Mercantile Exchange
Dubai's fledgling oil exchange is getting another big-name investor with the addition of US banking giant JPMorgan Chase.
- Agencies
- Published: 12:03 October 14, 2008
DuabI: Dubai's fledgling oil exchange is getting another big-name investor with the addition of US banking giant JPMorgan Chase.
The company, which recently acquired fallen investment house Bear Sterns and US bank Washington Mutual, joins Goldman Sachs, Morgan Stanley, a subsidiary of Royal Dutch Shell and three energy trading firms as minority shareholders of the exchange.
Details about the bank's stake were not made public, but it represents only a fraction of the exchange's overall value. The government of Oman and Tatweer, a company controlled by the ruler of Dubai, own 75 percent of the Dubai Merc.
The exchange has struggled to generate significant trading volume in its futures contract for Middle East sour crude oil.
Share this article
More from Markets
More from Business
Popular in Business
-
XPRESS
Way to go this DSF
A fun-filled route to guide you to all the happening dos in town
Business Editor's choice
-
Shaikh Mohammad reaffirms UAE unity
Vice-President quashes talk of discord and reassures investors on the strength of Dubai's economy
-
Pizzazz on the palm: A Nikki Bisiker project
Bright, bold and ultra glam are the top notes of this apartment in The Palm Jumeirah's beautiful marina
-
flydubai starts service to Sudanese capital
Dubai's first low cost airline, celebrated its eighth inaugural flight in less than six months
