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.