Dubai was also slated to introduce derivatives early next year, and will now launch derivatives and ETF at the same time.

 

The United Arab Emirates' Börse Dubai will delay its planned launch of exchange-traded funds until next year, in recognition of the poor market conditions.

The UAE is among a host of small, oil-rich nations seeking to turn themselves into global, and diversified, financial marketplaces. These nations and their exchanges have been partnering with U.S. and European exchange leaders at a rapid pace and cementing plans to move into all the listed-product areas, including ETFs, which the global exchange have pioneered. Abu Dhabi, Oman and Saudi Arabia are also looking at ETFs. Egypt plans to introduce ETFs next year, as well (see story here.)

The pullback from a planned earlier launch of ETFs by the Börse Dubai is no surprise given the general pullback by investors, and

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The rules of the global oil games are changing, says Keith Fitz-Gerald. And China — not the US — is leading the way. China doesn’t worry about the political leanings or dubious human rights of its energy suppliers. It needs a steady supply of oil to fuel its economic boom…and it will do what it takes to get it.

This from Money Morning:

Iraq recently signed its first oil deal in 35 years with a foreign company.

And –- quite surprisingly to many observers -– the company wasn’t one of ours.

Not surprisingly, the US news media barely acknowledged the deal –- even though the agreement was major news throughout the rest of the world.

According to reports from Baghdad, the 22-year deal between the Iraqi government and the China National Petroleum Co. involves $55 billion, or 87% of Iraq’s current total revenue at a conservative long-term estimate

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