We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Tue 30 Mar 2010 12:13 PM

Font Size

- Aa +

DFM takeover of Nasdaq Dubai due in two weeks

Head of DFM says it is in everyone's best interest for UAE bourses to consolidate.

DFM takeover of Nasdaq Dubai due in two weeks
JOINT FORCES: Head of DFM says it in best interest for UAE bourses to consolidate. (Getty Images)

Bourses within the UAE should consolidate, the head of Dubai Financial Market said on Tuesday, adding DFM's planned takeover of Nasdaq Dubai will be completed within two weeks.

"It is in the interest of everybody to consolidate. There have been discussions at the top level, meaning the owners of the exchanges," executive chairman Essa Kazim told reporters.

Dubai's two exchanges are already moving towards a single trading platform and synchronized trading hours. In December, Borse Dubai, the majority owner of the DFM and Nasdaq Dubai, agreed to buy Nasdaq OMX's remaining stake in Nasdaq Dubai.

Profit at DFM, Dubai's top stock exchange which is itself listed, fell by almost half in 2009 as trading commissions slumped.

Pressure on the UAE’s three stock exchanges, which include the Abu Dhabi exchange ADX, to consolidate, has increased in the wake of the financial crisis and speculation has centered on Dubai's two competing markets. (Reuters)

Arabian Business digital magazine: read the latest edition online

For all the latest market news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.