Saudi Arabia’s Tadawul Group, which owns the kingdom’s stock market, is to pay SR107mn ($28.6mn) for a 32.6% stake in the Dubai Mercantile Exchange (DME). The transaction is through the acquisition of both new and existing shares, following which Tadawul will become the joint largest shareholder alongside CME Group. Other key shareholders include the Oman Investment Authority and Dubai Holding.

The DME hosts the DME Oman crude oil futures contract, which saw trading activity jump to multi-year highs last year (MEES, 27 October 2023). DME is looking to build on this momentum by expanding its derivatives offerings, and the cash injection from Tadawul – in which the PIF sovereign wealth fund holds 60% - will provide a major boost. (CONTINUED - 131 WORDS)