I made a wager about this time last year with a friend in the Dubai International Financial Centre that the Dubai Financial Market (DFM) and NASDAQ Dubai would be merged to produce a single, unified stock exchange in the emirate before the year was out.
I forgot about it until, boarding a plane for London for the season’s jollifications a couple of weeks ago, I got a mobile alert to the effect that DFM and NASDAQ Dubai had signed a deal that appeared to do just that.
For US$120 million (Dh439.5m), DFM was to buy out the 33 per cent NASDAQ Dubai stake held by New York’s NASDAQ.
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