DME & AUD SIGN MOU FOR LAUNCH of REGION’S FIRST COMMODITY TRADING ACADEMY

Published June 4th, 2006 - 12:26 GMT

The Dubai Mercantile Exchange Limited (DME) and the American University in Dubai (AUD) today announced the signing of a Memorandum of Understanding between the two parties for the joint development of an academy for the new Exchange.

To be known as the DME-AUD Academy, the venture will be the first academy of its kind in the Middle East with the objective of providing potential market participants of the DME with the necessary skills and information to strengthen their ability to trade commodities as well as enhance their knowledge of managing price risk.

Working together, the DME and AUD will aim to develop a comprehensive offering of courses, which will make the Academy the most highly recognised commodity and risk management training centre in the region with a particular emphasis on energy futures trading. The DME, which is expected to launch in the fourth quarter of 2006, will initially develop and trade an Oman crude oil futures contract with other energy and commodity contracts to follow.

Courses at the Academy will be jointly established by the two parties and delivered by world-class instructors and professionals at AUD. It is envisioned that in its initial stages, the DME-AUD Academy will offer seminars, trader certification examinations, simulated trading modules and a commodity trading diploma.

It is expected that these programmes will make a significantly positive contribution towards the development of human capital and training in the region as the financial markets continue their rapid development and centres like Dubai emerge as leading global financial hubs.

Applications will be open to a wide range of candidates, including university students and graduates, local traders, individual investors, international oil companies, banks, hedge funds, Futures Commission Merchants and consumers such as airlines and shipping companies.

Ahmad Sharaf, Senior Vice President, Energy and Healthcare – Tatweer, a division of Dubai Holding & Chairman of the Board of Directors of the Dubai Mercantile Exchange, said: “The DME-AUD Academy is part of the DME’s commitment to nurturing regional expertise in the futures and commodities sectors and we are delighted to be doing this with a partner like the American University in Dubai. This initiative has positive implications for the region, enabling more effective participation and developing an exceptional talent pool in the futures and commodities sectors. It will educate regional and international participants and partners at the highest level, arming them with the right skill-set to take full advantage of the opportunities the DME and the sector have to offer.”

Mr. Elias Bou Saab, Executive Vice President at the American University in Dubai, said: “This project is another milestone in the development process and success story of Dubai and the region.  Establishing an academy, that can provide students and professionals with the tools necessary for conducting a successful and effective energy futures trading, is testimony to the fast progress of the country.  We are proud to be partners in this venture which prepares the young generation towards greater paths.”

The Academy will officially launch its activities by holding the first seminar open to the public on the 21st of June. These seminars will focus on physical oil trading, using futures, charting & technical analysis.
The Dubai Mercantile Exchange Limited’s (DME) establishment of an exchange inside the Dubai International Finance Centre (DIFC) is subject to regulatory approval from the Dubai Financial Services Authority (DFSA) to be licensed as an Authorised Market Institution to operate as an exchange inside the DIFC.  Furthermore, all clearing and settlement services to be provided by the New York Mercantile Exchange to DME are subject to the New York Mercantile Exchange becoming recognised by the DFSA to operate a remote clearing house in the DIFC and subject to the review and / or approval of the Commodity Futures Trading Commission. Until the above regulatory approvals have been granted, no trading on the DME will be permitted and no person will be admitted as a member of the DME.

About the DME-AUD Academy

The DME Academy is a joint venture between the Dubai Mercantile Exchange and the American University of Dubai, where it will be physically located.  The DME Academy will hold its first public seminar on the 21st of June

About the Dubai Mercantile Exchange

The Dubai Mercantile Exchange Limited (DME), a joint venture between the New York Mercantile Exchange, Inc. (NYMEX) and Tatweer, aims to become the premier commodity and energy futures exchange in the Middle East, providing a financially secure, well-regulated and transparent trading environment.
Expected to launch in the fourth quarter of 2006, the Exchange will initially develop and trade a Middle East Sour Crude Oil Futures Contract. This will address a growing market need for price discovery of Middle East Sour Crude Oil while simultaneously bridging the time zone gap between Europe and Asia by providing for the trading of energy futures, options and other products.
The DME will be a fully electronic exchange. However, in a unique concept, it will also bring together a community of traders that will operate from trading hubs and individual trading stations on the Exchange’s floor, which will be located within the Dubai International Financial Centre (DIFC), the region’s leading financial services centre.

The DME will be regulated by the Dubai Financial Services Authority (DFSA), a world class, independent regulator and all trades executed on the Exchange will be cleared through, and guaranteed by, NYMEX’s AA+ rated clearinghouse.

 

About American University in Dubai

The American University in Dubai is a private, non-sectarian institution of higher learning founded in 1995.

It is a branch campus of The American InterContinental University (previously The American College), one of the oldest American international universities and leader a leader in collaborative and technology driven education. Enrollment in 2005-2006 averaged 2,400 students. In Spring, 2006, eighty nationalities were represented in the AUD student body.

AUD offers both undergraduate and graduate degrees. A four-year Bachelor’s (BBA) degree is offered in Business Administration (with optional concentrations in Accounting, e-Business, Finance / Banking, Management, Marketing and Marketing Communications). BFA (Bachelor’s of Fine Arts) degrees are offered in Visual Communication (with optional concentrations in Advertising [Creative], Graphic Design, Illustration and Photography) and Interior Design. The University also offers the Bachelor’s of Information Technology (BIT) degree.

The AUD School of Engineering, established in 2001 through collaboration with the Georgia Institute of Technology, offers the Bachelor’s of Science (BS) degree in Civil, Computer and Electrical Engineering.

The Master of Business Administration (MBA) is offered as a generalist degree, with the option to specialize in either Marketing or Finance. It consists of a twelve-course curriculum delivered in the evening.

In addition to courses in their chosen major / concentration, undergraduate students in all disciplines must follow a curriculum in Liberal Arts. This is in fulfillment of the general education portion of their degree requirements.

Through its Center for English Proficiency, the University also conducts Intensive and Academic English programs designed to develop university-level English language skills in students requiring additional language study before commencing university.

The University’s faculty possess outstanding academic credentials. Furthermore, many are or have been practicing professionals of note. In terms of faculty composition, North Americans have the highest representation of any national group.

AUD’s multi-complex facility has been conceived with the objective of supporting the University’s programs (both academic and extra-curricular) to an American standard. The campus surroundings include Dubai Internet City and Media City. This reflects HH General Sheikh Mohammed Bin Rashid Al Maktoum’s vision for Dubai as the technological hub of the Middle East, together with the University’s role as a technological reference point.


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