Walkers Dubai act as Bermuda and Cayman Islands Counsel for Saudi Tadawul Group

Saudi Tadawul Group acquired a 32.6% stake in Dubai Mercantile Exchange (which will be rebranded as Gulf Mercantile Exchange), through a combination of purchasing existing shares and a fresh issue of shares. The acquisition makes Saudi Tadawul Group the joint largest shareholder along with US-based CME Group.

The Dubai Mercantile Exchange is a joint venture between Dubai Holding, Oman Investment Authority and CME Group. It was launched in June 2007 with the goal of bringing fair and transparent price discovery and efficient risk management to the East of Suez. The Dubai Mercantile Exchange lists the Oman Crude Oil Futures Contract (DME Oman) as its flagship contract, providing the most fair and transparent crude oil benchmark for the region.

The team was led by partners, Tom Cochrane (Dubai) and Natalie Neto (Bermuda) with support from senior associate, Reghard Smith (Dubai) and associate, Benjamin Greene (Bermuda).

Tom Cochrane said: "This is a significant acquisition for Saudi Tadawul Group. We are pleased to have been able to support them alongside our colleagues in Bermuda, allowing us the opportunity to demonstrate our strong multi-jurisdictional capabilities."