Dubai Mercantile Exchange (DME), the premier international energy futures and commodities exchange in the Middle East, has demonstrated a strong commitment to its growth in Asia by opening its first office in the region, located strategically in Singapore.
The Singapore office enhances the DME's ability to offer region-wide support and services to its rapidly growing base of members across Asia.
Christopher Fix, Chief Executive Officer of DME says: "Singapore is the largest oil trading hub in Asia and the third largest in the world, making it an important strategic location for the DME. It's also home to more than 800 professional oil traders, trading volumes of US$375 billion in oil contracts annually."
The Oman Crude Oil Futures Contract (DME Oman), the Exchange's flagship contract, is now the most credible oil benchmark relevant to the Asian market.
"Asia is key to the DME's growth. The DME is situated on top of the world's largest oil reserves and faces the region with the world's fastest growing consumer demand for oil. The launch of our new office in Singapore is a reflection of how important this region is to the DME," says Mr Fix.
The announcement also comes as India based Reliance Industries Limited (RIL), India's largest private sector enterprise, recently became the DME's newest Asia member, emphasising the trend of continued growth in Asian oil production.
"We are targeting more trading activity from companies in China and India. Forty percent of the DME's crude goes to China - they're the largest single national destination and in that there's definitely great room for expansion," says Mr Fix.