Saudi Tadawul Group Holding Company entered into a binding agreement to acquire unknown minority stake in Dubai Mercantile Exchange Limited from a group of sellers.
Following the completion of Saudi Tadawul Group's investment, DME will continue to operate as usual from its headquarters in Dubai International Financial Centre (DIFC) and will remain regulated by the Dubai Financial Services Authority. CME Group will continue to provide its industry-leading CME Globex trading technology and clearing services to Gulf Mercantile Exchange. The CFTC's role in overseeing CME Clearing's operations to protect the integrity of transactions executed on the DME and mitigating risk to traders will remain unchanged. The transaction is subject to closing conditions, including as to regulatory approvals. The Dubai team consting of Hamed Afzal and trainee, Ali Zein whilst London-based Partner Michael Alliston of Norton Rose Fulbright acted as a legal advisors to CME Group Inc. Daniel Royle and Mansoor AlHagbani of AS&H Clifford Chance along with Mohammed Al-Shukairy and Zeena Sa'di (Dubai).acted as a legal advisor to Saudi Tadawul Group. Tom Cochrane and Natalie Neto of Walkers (Bermuda) Limited and Walkers (Dubai) LLP acted as legal advisor to Saudi Tadawul Group.