Nasdaq Dubai today announced that Jeff Singer has stepped down as Chief Executive after four successful years at the region's international exchange.
Mr. Singer takes up the position of Chief Executive of the Dubai International Financial Centre (DIFC) Authority, which operates the onshore financial centre in which NASDAQ Dubai is located, effective August 1, 2012.
Hamed Ali, who served as Executive Officer of NASDAQ Dubai from 2006-2008, will return to the exchange as Chief Operating Officer. Mr. Ali joins NASDAQ Dubai from the Knowledge & Human Development Authority in Dubai, where he has served as Executive Director.
Abdul Wahed Al Fahim, Chairman of NASDAQ Dubai, said: "Under Jeff Singer's dynamic leadership, NASDAQ Dubai has expanded its role as a centre of Middle East capital markets enterprise and growth, combining best international practice with regional expertise and understanding. The exchange will continue to pursue this strategy, further strengthening the UAE's prominent position in the financial markets.
"As markets recover from global volatility, NASDAQ Dubai is well placed to fulfill its enormous potential as the international exchange serving the region. Its unique role as a bridge between regional and international financial markets positions it to attract further initial public offerings (IPOs) of large companies as well as small and medium-sized enterprises."
NASDAQ Dubai expects to further expand its equity derivatives market, together with its Sukuk and conventional bond market. Supported by its close links with Dubai Financial Market (DFM), the exchange remains committed to its mission of creating wealth for the UAE and the region and providing new ways for investors to manage financial risk.
Mr. Ali said: "I am delighted to return to the exchange as it prepares for further expansion and innovation. NASDAQ Dubai will maintain its role as a driving force in the growth of the region's capital markets and a listing venue of choice." As Executive Officer, Mr. Ali helped to successfully manage the listing of DP World in 2007, in the Middle East's largegest IPO at 4.96 billion dollars. He later served as Chief Operating Officer of the DIFC Authority from 2008-2009. He will take up his new appointment at NASDAQ Dubai on August 5, 2012.
Mr. Singer said: "I am very proud of the progress achieved by NASDAQ Dubai over the past four years, in a challenging period for global financial markets. With the support of DFM, the DIFC Authority and other UAE institutions, the exchange has carried out many successful and pioneering initiatives that are unique in the region and have helped to position the UAE as an increasingly important player in the international financial market place.
"As Chief Executive of the DIFC Authority, I look forward to supporting NASDAQ Dubai as it plays a key role in the evolution of the UAE's capital markets, competing successfully for new listings and investment with international exchanges around the world."
At NASDAQ Dubai Mr. Singer oversaw the rebranding of the exchange from its previous identity as DIFX, as well as the creation of the exchange's equity derivatives market. Other achievements included the outsourcing of the exchange's trading platform and other back office functions to DFM, which merged DFM's retail investors and NASDAQ Dubai's international investors into one deep liquidity pool. NASDAQ Dubai has attracted new Sukuk to its market, from issuers seeking a venue that combines international regulatory standards with a Middle East location.
Mr. Singer joined NASDAQ Dubai as Chief Executive in July 2008. He was previously Senior Vice President and Head of International at the NASDAQ OMX Group, responsible for NASDAQ's global business development. He has an MBA from the Harvard Business School and a BS in International Finance from Brigham Young University in the United States.
NASDAQ Dubai will make a further announcement regarding its executive structure in due course.