It’s a little over three years since Dubai stunned the financial world by grabbing a big share stake in the London Stock Exchange (LSE), beating rivals in Qatar and elsewhere to the investment and sparking speculation of a merger between the financial centres in the emirate and London.
Much of that speculation was probably over-egged at the time but there was a consensus that Dubai, via the LSE stake, would be at the cutting-edge of rationalisation and consolidation of the world’s stock exchanges. Its 20 per cent holding, then worth some �750 million (Dh4.27 billion), had bought it a seat at the big table of global bourses.
Three years and one financial crisis later, it seems fair to ask: what benefit has the LSE stake brought – for Dubai or London?"
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