Hong Kong Exchanges & Clearing Limited (HKEX) has launched a new unit in Dubai to advance its commodities business, the Asian special administrative region’s stock exchange operator said on Monday.
The new UAE-based subsidiary, called Commodity Pricing and Analysis Limited, will act as a commodities pricing administrator and provide independent price reporting and analysis for the global metals market, HKEX said in a statement on its website.
“The Middle East is a region of growing significance for the commodities market, and our presence there will allow us to better serve international stakeholders, deliver trusted pricing and analysis, and accelerate the development of sustainable metal markets,” HKEX CEO Bonnie Y Chan said in the statement.
Why it matters: Dubai has positioned itself as a global commodities trading hub, with the UAE ranking second globally after the US in last year’s Commodity Trade Index. The list ranks the top commodities trading hubs, using criteria including commodity wealth, logistics infrastructure and institutional strength.
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