The Dubai International Financial Exchange (DIFX) has rebranded its market as Nasdaq Dubai, effective today.
NASDAQ OMX Group (Nasdaq:NDAQ), the world's largest exchange company, also announced today it will list its shares on NASDAQ Dubai on November 20th.
Both moves reflect the growing links between NASDAQ OMX Group and NASDAQ Dubai, as well as the growth of Dubai as an international financial centre.
Soud Ba'alawy, Chairman of NASDAQ Dubai and a Director of NASDAQ OMX Group, said, "As the international stock exchange serving this region, NASDAQ Dubai acts as a capital markets gateway for investors all over the world, including and especially in this region. NASDAQ Dubai's growing ties to NASDAQ OMX exchanges in the U.S. and Europe in listings, marketing, technology, and management expertise will support its continuing expansion."
NASDAQ Dubai has attracted listings from around the world and from within its own region and built a world class exchange infrastructure.
Jeff Singer, Chief Executive of NASDAQ Dubai, said, "NASDAQ Dubai is taking active steps to further develop its market including extending its opening hours, opening on Sundays, and allowing listings in UAE Dirhams. We will continue to develop new asset classes as well as seek further primary and secondary equity listings."
Bob Greifeld, Chief Executive of NASDAQ OMX Group and Vice Chairman of NASDAQ Dubai, said, "NASDAQ Dubai provides a first-class venue through which NASDAQ OMX listed companies can reach new investors in the Gulf and the Middle East. We've attracted 29 companies to our first Middle East investor conference here in Dubai and there is clear and tangible interest in this market. At the same time, we can provide local investors with opportunities to invest in innovative, growth-oriented companies." Greifeld added, "To facilitate dual listings on NASDAQ Dubai, we have created a streamlined listing process for companies looking to have a secondary listing here."
NASDAQ OMX acquired a one-third stake in NASDAQ Dubai in February 2008. The other two-thirds is owned by Borse Dubai.
NASDAQ OMX Group will host its First Middle East Investor Conference in Dubai on November 20 to provide its issuers with access to investors in the region. The conference will be held jointly with NASDAQ Dubai. Also on November 20, The NASDAQ Stock Market will hold its Opening Bell Ceremony at the Dubai International Financial Centre (DIFC), where NASDAQ Dubai is based. The ceremony, one of the most televised events in the world, will be broadcast live in Times Square in New York and around the globe.
NASDAQ Dubai will make a unique addition to the international equity and index derivative landscape by launching a UAE derivatives market on November 19. Members will be able to trade single stock futures on UAE-listed equities and a future on the FTSE DIFX UAE 20 equity index calculated by FTSE International. Derivatives trading can provide investors with price insurance and create liquidity and stability in the underlying shares.
The exchange opened with the name DIFX in September 2005. It is based in the Dubai International Financial Centre (DIFC).