Nasdaq Dubai set to be global gateway

The Dubai International Financial Exchange (DIFX) has rebranded its market as Nasdaq Dubai, effective yesterday. Nasdaq OMX Group, the world's largest exchange company, also announced it will list its shares on Nasdaq Dubai tomorrow.

Both moves reflect the growing links between Nasdaq OMX Group and Nasdaq Dubai, as well as the growth of Dubai as an international financial centre.

Nasdaq OMX had bought a one-third stake in the newly named Nasdaq Dubai in February. Borse Dubai, which controls the Dubai Financial Market index, is the other shareholder.

Soud Ba'alawy, Chairman of Nasdaq Dubai and a Director of Nasdaq OMX Group, said: "As the international stock exchange serving this region, Nasdaq Dubai acts as a capital markets gateway for investors all over the world, including and especially in this region. Nasdaq Dubai's growing ties to Nasdaq OMX exchanges in the US and Europe in listings, marketing, technology, and management expertise will support its continuing expansion."

Nasdaq Dubai has attracted listings from around the world and from within its own region and built a world class exchange infrastructure.

Jeff Singer, Chief Executive of Nasdaq Dubai, said: "Nasdaq Dubai is taking active steps to further develop its market including extending its opening hours, opening on Sundays, and allowing listings in dirhams. We will continue to develop new asset classes as well as seek further primary and secondary equity listings."

Bob Greifeld, Chief Executive of Nasdaq OMX Group and Vice-Chairman of Nasdaq Dubai, said: "Nasdaq Dubai provides a first-class venue through which Nasdaq OMX-listed companies can reach new investors in the Gulf and the Middle East. We've attracted 29 companies to our first Middle East investor conference here in Dubai and there is a clear and tangible interest in this market. At the same time, we can provide local investors with opportunities to invest in innovative, growth-oriented companies." Greifeld added: "To facilitate dual listings on Nasdaq Dubai, we have created a streamlined listing process for companies looking to have a secondary listing here."

Nasdaq OMX Group will host its First Middle East Investor Conference in Dubai tomorrow to provide its issuers with access to investors in the region. The conference will be held jointly with Nasdaq Dubai. Also tomorrow, the Nasdaq Stock Market will hold its Opening Bell Ceremony at the Dubai International Financial Centre (DIFC), where Nasdaq Dubai is based. The ceremony will be broadcast live in Times Square in New York and around the globe.

Shares in Dubai Ports World, the Middle East's largest port operator, have plummeted since its $4.9 billion (Dh18bn) listing on the exchange last year.

The shares are trading at $0.33, well below the $1.30 listing price.

Future Pipe Industries cancelled this year a listing on the exchange, which would have valued the company at close to $2bn, citing tough market conditions.

Nasdaq Dubai, Dubai's second bourse after Dubai Financial Market, currently lists 18 equities, seven conventional bonds, 20 Islamic bonds and 21 structured products.

Securities firms licensed to trade on the Nasdaq Dubai include Citigroup, Morgan Stanley, Merrill Lynch & Co, UBS AG and Deutsche Bank, according to the bourse's website.

Nasdaq Dubai will begin trading futures contracts from today based on the FTSE DIFX UAE 20 Index as well as on 21 stocks of which 13 are listed on the Dubai Financial Market, seven are traded on the Abu Dhabi Securities Exchange and DP World.

Susquehanna International Securities will be a market maker for the derivatives contracts. Arqaam Capital will act as a trading member.