By Andy Sambidge
Soul Ba'alawy also steps down from NASDAQ OMX Group board to focus on leading Dubai Group.
Soud Ba’alawy has stepped down as chairman of NASDAQ Dubai after two years overseeing the expansion of the exchange, the company announced in a statement.
Ba’alawy resigned to focus more closely on his core role at Dubai Group, the diversified financial services company of Dubai Holding, it added.
As part of that transition, he will also resign his seat on The NASDAQ OMX Group board.
Ba’alawy, who became chairman of NASDAQ Dubai in July 2007, said: “I am delighted to have had the opportunity to lead NASDAQ Dubai through a period of significant development, including the launch and rapid expansion of its equity derivatives market and substantial growth of its equity trading volumes.
“With the exchange well placed for further growth, I look forward to refocusing my energies more closely on my responsibilities at Dubai Group.”
Jeff Singer, chief executive of NASDAQ Dubai, added: “Soud Ba’alawy has guided the exchange with vigour and strategic insight during a transition period in which we have expanded our investor base regionally and internationally and attracted new listings including equities and Sukuk.
“As a result of his strong leadership the exchange is set for further expansion and innovation in 2010 and beyond.”
A new chairman of NASDAQ Dubai, the international financial exchange serving the region between Western Europe and East Asia, will be appointed soon, the statement added.
The majority shareholder of NASDAQ Dubai is Borse Dubai with a two-thirds stake. NASDAQ OMX Group owns one third of the shares.