The Board of Directors of the Dubai Mercantile Exchange Ltd (DME), the joint venture between the New York Mercantile Exchange (NYMEX) and Dubai Holding, announced today the appointment of its Chief Executive Officer, Gary R. King.

Mr. King has more than two decades of experience across the energy and finance sector, working for leading companies such as Neste Oy (National Oil and Energy Company of Finland), Morgan Stanley, and the Emirates National Oil Company (ENOC). In the private equity sector, he was instrumental in developing the Standard Bank/GIB GCC energy fund, one of the first products of the Dubai International Financial Centre, and most recently was seconded into the Treasury and Commodities joint venture between Macquarie Bank and Abu Dhabi Commercial Bank.

"With the appointment of Gary as CEO of the Dubai Mercantile Exchange Ltd we have set strong foundations to the Dubai Mercantile Exchange Ltd project, providing it with a diverse and experienced leadership," said Ahmad Sharaf, Chairman of the DME.

"Gary is a key player in the energy and finance sectors in the Middle East. He brings extensive experience to the exchange and has full support from the DME board of directors and the joint venture partners. He will contribute in making the DME a world class, frontrunner international exchange."

"The leadership of the DME combines more than 65 years of management experience in the commodities, financial and energy sectors, a substantial guarantee for the consolidation of the DME," said Mr. Sharaf.

'It is an honour to be appointed as the new CEO of the DME,' said Gary King. 'The DME is unique, it is supported by the world's largest physical commodities futures exchange, and the leading company in the Arab region. One of our key short-term goals is to build a liquid market that is secure and transparent for regional and international companies,' said Mr. King.

Mr. King is a graduate of the University of London with a Bachelor of Science in Petroleum Exploration Geology and an MSC D.I.C in Petroleum Exploration Geology.