DIFX renamed to Nasdaq Dubai
The Dubai International Financial Exchange (DIFX) has announced that it will be known as Nasdaq Dubai from November 20, after Nasdaq OMX, which runs the Nasdaq stock exchange in New York, decided to list its shares in the Dubai bourse.
The decision comes after Nasdaq OMX bought a one-third stake in DIFX in February. The remaining stock is owned by Bourse Dubai. The world’s largest exchange company, US-headquartered Nasdaq OMX owns and operates seven European stock exchanges in the Nordic and Baltic regions, apart from the New York bourse.
In a posting on its new website, Nasdaq Dubai said its region will include the United Arab Emirates and the rest of the Gulf Cooperation Council (GCC), the wider Middle East and North Africa, Turkey and the Indian subcontinent.
“Through the exchange, regional and international issuers can access regional and international investment. International issuers can access investment from the region, through a primary or dual listing,” the website posting read.
The new Dubai bourse rebranding is significant given the emerging importance of the Gulf in the face of the global financial crisis.
With strong liquidity boosted by surging oil revenues, Gulf countries are collectively emerging as key player in the world economic order.