The Dubai Mercantile Exchange Limited (DME) announced today that it hosted a visit from H.E. Richard G. Olson, Jr. the current United States Ambassador to the UAE.
Commenting on the visit, Ahmad Sharaf, Chairman, DME, noted: "Since the early days when the DME was established, we have enjoyed a strong relationship with leading commodities exchanges in the United States, initially through the joint venture partnership with the NYMEX, and presently through our partnership with the CME Group. The Exchange is also recognized by U.S. regulatory bodies such as the CFTC, and recently with the U.S. Internal Revenue Service, which has classified the DME as a qualified exchange.
"We welcome His Excellency Richard G. Olson here today, and look forward to many more years of fruitful partnership and cooperation between the DME and companies across the United States."
Ambassador Olson noted that the partnership between DME and the CME Group is "a real symbol of the close, mutual commercial relationship that the United States and the UAE share. Recognition from the CFTC and the Internal Revenue Service marks an important milestone in the growth and institutionalization of Dubai's markets worldwide."