The world is coming to Dubai. Bolstered and astounding as this may
sound, it's an accurate claim on how the emirate's progressive
economics is stealing the global spotlight and getting some of the most
powerful commercial entities to fight for a stake in Dubai's future.
Consider the recent announcement of Nasdaq Dubai, formerly known as the
Dubai International Foreign Exchange.
It's more than a clever scheme of rebranding. The new name involves an
unprecedented gateway of multilateral exchange opportunities that could
make the traditional merger methods of market economy the stock of
economic history.
From November, Nasdaq OMX Group, the world's largest exchange company,
has allowed companies to dual list on its Dubai exchange docket. With
an impressive 3,900 companies listed and an equally impressive list of
investors across six continents, the group that owns a third of Dubai based Borse's DIFX, will quite literally be bringing the world's markets to Dubai.
While the Nasdaq name will certainly add credibility to this recreated exchange platform, it's really the regional investors' appetites that affirm the new brand's potential for turning Dubai into an international financial centre. By combining local interests with international investment opportunities this move has exponentially increased Dubai's reach in the global market.
The most interesting and innovative part of the deal rests in the fact that stakeholders on either exchanges need not worry about a total take-over. Borse Dubai, the majority owner of DIFX traded one third ownership of Nasdaq Dubai for a 20 per cent stake in New York based Nasdaq, making it the largest shareholder. The agreement will consolidate markets across the United States, Europe, Middle East and Asia.
International Herald Tribune reported that Nasdaq's vested confidence in this move is "complete and total," according to the words of its CEO Bob Greifeld . Never before has this exchange operator lent its name to an enterprise it did not own completely. There are already a total of 18 equities listed on Nasdaq Dubai, including UAE based DP World, the Middle East's largest IPO that raked a whopping $4.96 billion last year.
This year's financial troubles have proven the interdependence of markets across the world. The credit squeeze has also made evident the systematic faults of established economies regarding poor lending practices and fickle investments that have reduced share values across industry sectors. Yet Dubai's market has continued showing positive growth with a robust volume of active liquidity available. Perhaps this is the greatest selling point for Nasdaq Dubai; it will combine the established security and diversity of traditional economies with the rapid pace of emerging economies like Dubai.
For an individual company, having a presence on this exchange would mean the kind of world wide exposure that would otherwise prove impossible in the competitive market play that has seen the collapse of financial giants like Lehman Brothers.
What could this mean to you as a job seeker? Off the bat, Dubai will continue having an increasing demand for professionals involved in finance and commerce. If the employment opportunities listed on Jobs In Dubai are any precursor, it also means that the flux of more investments will lead to more companies and more jobs across all industries. Browse through what's available on JID's job board and see why coming to Dubai has never been so exciting.
For your viewing pleasure, Dubai Financial Center:
Embedded References:
http://www.arabianbusiness.com/pda/article.php?538914.0.1
http://www.khaleejtimes.com/darticlen.asp?xfile=data/business/2008/November/business_November924.xml§ion=business
http://www.iht.com/articles/ap/2008/11/18/business/ML-Dubai-Nasdaq.php
http://www.reuters.com/article/ousiv/idUSL2078501520070920?pageNumber=2&virtualBrandChannel=0
http://www.reuters.com/article/reutersEdge/idUSN2042491420070921?pageNumber=2&virtualBrandChannel=0
http://www.gulfnews.com/business/markets/10260803.html
While the Nasdaq name will certainly add credibility to this recreated exchange platform, it's really the regional investors' appetites that affirm the new brand's potential for turning Dubai into an international financial centre. By combining local interests with international investment opportunities this move has exponentially increased Dubai's reach in the global market.
The most interesting and innovative part of the deal rests in the fact that stakeholders on either exchanges need not worry about a total take-over. Borse Dubai, the majority owner of DIFX traded one third ownership of Nasdaq Dubai for a 20 per cent stake in New York based Nasdaq, making it the largest shareholder. The agreement will consolidate markets across the United States, Europe, Middle East and Asia.
International Herald Tribune reported that Nasdaq's vested confidence in this move is "complete and total," according to the words of its CEO Bob Greifeld . Never before has this exchange operator lent its name to an enterprise it did not own completely. There are already a total of 18 equities listed on Nasdaq Dubai, including UAE based DP World, the Middle East's largest IPO that raked a whopping $4.96 billion last year.
This year's financial troubles have proven the interdependence of markets across the world. The credit squeeze has also made evident the systematic faults of established economies regarding poor lending practices and fickle investments that have reduced share values across industry sectors. Yet Dubai's market has continued showing positive growth with a robust volume of active liquidity available. Perhaps this is the greatest selling point for Nasdaq Dubai; it will combine the established security and diversity of traditional economies with the rapid pace of emerging economies like Dubai.
For an individual company, having a presence on this exchange would mean the kind of world wide exposure that would otherwise prove impossible in the competitive market play that has seen the collapse of financial giants like Lehman Brothers.
What could this mean to you as a job seeker? Off the bat, Dubai will continue having an increasing demand for professionals involved in finance and commerce. If the employment opportunities listed on Jobs In Dubai are any precursor, it also means that the flux of more investments will lead to more companies and more jobs across all industries. Browse through what's available on JID's job board and see why coming to Dubai has never been so exciting.
For your viewing pleasure, Dubai Financial Center:
Embedded References:
http://www.arabianbusiness.com/pda/article.php?538914.0.1
http://www.khaleejtimes.com/darticlen.asp?xfile=data/business/2008/November/business_November924.xml§ion=business
http://www.iht.com/articles/ap/2008/11/18/business/ML-Dubai-Nasdaq.php
http://www.reuters.com/article/ousiv/idUSL2078501520070920?pageNumber=2&virtualBrandChannel=0
http://www.reuters.com/article/reutersEdge/idUSN2042491420070921?pageNumber=2&virtualBrandChannel=0
http://www.gulfnews.com/business/markets/10260803.html
Great Article !
I wonder how that helps Dubai establish it self as a secure platform to trade. Wonder if this is an endorsement to invest in DIFC or an institution that organizes DIFC so that it can master the financial system.