The Dubai Financial Market and the Abu Dhabi Securities Exchange’s talks to combine the bourses are in an “advanced” stage, Alrroya Aleqtissadiya reported, citing people it didn’t identify.
The Dubai Financial Market has been valued at 9.5 billion dirhams ($2.6 billion), the newspaper reported. The combined entity will be called Emirates Financial Market, it said.
The U.A.E. is home to three stock exchanges, one in Abu Dhabi and two in Dubai. The Abu Dhabi Securities Market and the Dubai Financial Market are regulated by the Securities and Commodities Authority, while Nasdaq Dubai is regulated by the Dubai Financial Services Authority. Dubai Financial Market had market value of 12 billion dirhams at yesterday’s closing price.
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