CME Group has launched its first physical base in the Middle East with an office at the Dubai International Financial Centre, to serve as its hub for the region under a licence from the Dubai Financial Services Authority. Sharif Jaghman, relocated from London, will head the new Middle East and Africa operations. The move follows a 16 per cent rise in average daily trading volumes from the Middle East, surpassing growth in established EMEA markets.
The new office in DIFC is intended to enable clients in the UAE and neighbouring markets to access CME’s benchmark futures, options and cash markets with more direct support. CME describes the step as a key element of its global growth strategy and an amplification of its EMEA footprint. The company emphasised that it will provide access to interest rates, equities, foreign exchange, energy, agricultural, metals and cryptocurrency products.
By mid-2025, CME had listed the USD/AED spot currency pair on its EBS platform in response to client demand from the Gulf region. The decision to establish a local presence now comes as trading volumes from the Middle East are rising faster than elsewhere, partly driven by heightened interest from hedge funds. CME reports the average daily contracts from the region now stand at 193,000, with a roughly 30 per cent increase in hedge fund activity cited as a major factor.
CME Group is already a stakeholder in regional exchange infrastructure. It holds a significant equity interest in the Gulf Mercantile Exchange, positioning it within regional commodity markets as well.
Regulators and industry leaders in Dubai welcomed the move as validation of the city’s ambitions to become a global financial hub. Salmaan Jaffery, Chief Business Development Officer at DIFC Authority, characterised CME’s presence as a “testament to Dubai’s strategic role as a global financial hub” and noted it would further strengthen ties across the Middle East, Africa and South Asia.
CME’s internal leadership underscored how the Dubai base complements its EMEA strategy. Serge Marston, head of EMEA, said the Dubai office will “operate as CME Group’s Middle East hub,” delivering “a higher level of service” across the region. Julie Winkler, chief commercial officer, said surging institutional and retail participation in Middle East markets has prompted demand for broader trading access and that the local office would accelerate CME’s capacity to serve regional clients.
Sharif Jaghman brings close to two decades of financial services experience to this assignment. Before leading in Dubai, he was based in London at CME and has held senior roles at the New York Stock Exchange and Euronext. Observers note that his appointment reflects CME’s intent to integrate its regional operations under a leader experienced in both global and local markets.
CME’s decision to situate its regional operations in Dubai reflects broader shifts in financial flows. The UAE’s tax advantages, time-zone alignment between Europe and Asia, and strong sovereign and institutional wealth pools make it a compelling location for asset managers and derivatives traders. Several major hedge funds have earmarked the region as a growth frontier, and CME’s latest volume data underscores that momentum.
The establishment also squares with recent efforts by Dubai and Abu Dhabi to attract global financial players. Over the past year, the number of hedge funds registered in DIFC increased sharply, with dozens now managing assets in excess of US$1 billion. By situating functions in-region, CME positions itself to reduce latency, enhance client support and deepen market engagement closer to clients.
Follow Arabian Post
Select Arabian Post as your preferred source on Google and MSN News for trusted business news and Arab politics and updates.
