JP Morgan has taken an equity stake in the Dubai Mercantile Exchange (DME), the market said in a statement on Tuesday.

JP Morgan is joining a number of international financial institutions including Goldman Sachs already invested in the DME, which allowed the sale of an equity stake of up to 20 per cent to strategic investors this year.

The DME launched its Oman contract last year as the first Middle East sour crude futures contract to have the backing of oil producers. The governments of Oman and Dubai are shareholders. The New York Mercantile Exchange is also a shareholder.-Reuters