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Mon 14 Jun 2010 04:58 PM

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NASDAQ Dubai appoints new board, chairman

Incoming 8-member board will be led by new chairman Abdul Wahed Al Fahim.

NASDAQ Dubai appoints new board, chairman
NEW ERA: NASDAQ Dubai has appointed a new eight-member board of directors and a new chairman.

NASDAQ Dubai has appointed a new eight-member board of directors and a new chairman, the company said in a statement on Monday.

The board, which will be led by new chairman Abdul Wahed Al Fahim, consists of two returning directors: Essa Kazim, managing director and chief executive of Dubai Financial Market (DFM) and chairman of Borse Dubai, and George Möller, chairman of the Supervisory Board of the Netherlands Authority for the Financial Markets.

The six new faces on the board include Majid Saif Al Ghurair, chairman of Shuaa Capital and chief executive of the Al Ghurair Private Company, Rashid Al Shamsi, vice chairman of DFM and chief executive of Sama Dubai, Abdulla Ghobash, regional director in the Northern Emirates of National Bank of Abu Dhabi, Edward Knight, executive vice president and general counsel of the NASDAQ OMX Group and Jamal Nasser Lootah, board director of Nasser Rashid Lootah Group and chairman of the governing board of the OPEC Fund for International Development in Vienna.

“The new board of directors brings a wealth of regional and international expertise to NASDAQ Dubai as we prepare for further listings and liquidity growth,” said Jeff Singer, chief executive of NASDAQ Dubai.

Dubai set up Nasdaq Dubai, formerly Dubai International Financial Exchange (DIFX), in 2005 to encourage local companies to sell shares to the public and to help foreign investors tap regional wealth.

The DIFX was slated to become the bridge between the markets of London and Asia, but has failed to attract either sufficient liquidity or listings.

Earlier this month, DFM became the majority owner of Nasdaq Dubai through an acquisition of shares from Borse Dubai and Nasdaq OMX, the international exchange group.

In December last year, DFM bid $121m for Nasdaq Dubai, with Nasdaq OMX to swap its 33 percent holding in Nasdaq Dubai for a one percent stake in the DFM.

The companies are all linked, with DFM 80 percent owned by Dubai government-owned Borse Dubai, which also owns two thirds of Nasdaq Dubai. Nasdaq’s remaining third is held by Nasdaq OMX group.

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