The Dubai International Financial Exchange (DIFX) is to become a Nasdaq exchange after a series of complex ownership transactions between exchanges across three continents. The developments will heat up the battle between Qatar and Dubai to become the Middle East’s financial centre.
Following Borse Dubai’s successful acquisition of 28% of the London Stock Exchange from Nasdaq (announced on September 20), the Qatar Investment Authority dramatically acquired 20% of the LSE from two hedge funds. QIA also acquired 10% of OMX, which Borse Dubai had also previously been circling. Borse Dubai took a 20% stake in Nasdaq, while Nasdaq will hold roughly one-third of DIFX stock.
