MANAMA, 26 August 2007 — The head of the Middle East’s premier international energy futures and commodities exchange is forecasting that oil revenues in the region will remain strong for the immediate future.
Gary King, chief executive officer of the Dubai Mercantile Exchange (DME), will give an analysis of the regional energy outlook when he addresses a British Business Group event in Dubai on Monday.
“I believe we will be in a period of sustained high energy prices for some time in our current climate and will continue to live in an environment of high energy price volatility,” King said, who will be speaking at the BBG’s latest special interest group meeting at the World Trade Club Dubai. “I expect oil revenues in the region to continue to remain strong and there will be a high degree of liquidity in the regional market,” he added.
Furthermore, King expects this liquidity to continue to be invested in regional infrastructure, real estate, and financial sectors, particularly commodities, private equity, and other asset management initiatives. The DME is a joint venture between Tatweer, a member of Dubai Holding, the New York Mercantile Exchange, and the Oman Investment Fund, and is uniquely positioned to provide price transparency and market liquidity for crude oil from the world’s foremost oil producing and exporting regions.
King has more than 20 years experience across the energy and finance sector working for companies such as Neste Oy, Morgan Stanley and the Emirates National Oil Company (ENOC). Elizabeth Sellwood, director of special interest groups for the BBG, said: “Events such as these, where business people working in the same sector can come together to discuss the issues in their industry, are vital for the ongoing growth in Dubai and the Northern Emirates.
“Gary King brings a wealth of experience and will be on hand to answer questions from the floor regarding his views on the energy sector and the future for energy companies in the UAE. He will also discuss in further depth the important work of the Dubai Mercantile Exchange.”
