Jeff Singer, the head of NASDAQ Dubai, likes to compare the region’s stock exchanges with mid-19th century railway companies in North America’s frontier lands.
“Go back to the 1870s, when the railroad boom was in full swing. Different railroads were laying track literally 100 metres from each other.
This competitive behaviour seemed to make no sense. Eventually they rationalised because the customers drove them to it. The same thing is going to happen here.”
There are 18 stock exchanges in the Middle East, eight of which are in the six GCC countries.
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