NASDAQ Dubai appoints new chairman and board

NASDAQ Dubai is transformed

Two directors will be returning to the NASDAQ Dubai Board: Essa Kazim, who is MD and Chief Executive of Dubai Financial Market (DFM) and Chairman of Borse Dubai, and George Möller, Chairman of the Supervisory Board of the Netherlands Authority for the Financial Markets, reported Zawya. 

The rest of the Board will be comprised of six totally new members. These are Majid Saif Al Ghurair, Chairman of Shuaa Capital and Chief Executive of the Al Ghurair Private Company; Rashid Al Shamsi, Vice Chairman of DFM and Chief Executive of Sama Dubai; Abdulla Ghobash, regional director in the Northern Emirates of National Bank of Abu Dhabi; Edward Knight, Executive Vice President and general counsel of the NASDAQ OMX Group and Jamal Nasser Lootah, Board Director of Nasser Rashid Lootah Group and Chairman of the governing board of the OPEC Fund for International Development in Vienna.

"The new board of directors brings a wealth of regional and international expertise to NASDAQ Dubai as we prepare for further listings and liquidity growth," said Jeff Singer, Chief Executive of NASDAQ Dubai.

The transformation of NASDAQ Dubai

Dubai created stock exchange NASDAQ Dubai (formerly the Dubai International Financial Exchange (DIFX)) five years ago with the intention of encouraging local companies to sell shares to the public and thereby enable and assist foreign investors in terms of tapping regional growth.

When the DIFX was originally formed it was hoped that it would create a bridge between the London and ME markets. However, it failed to gain sufficient liquidity or listings and then earlier this month DFM became the majority owner of NASDAQ Dubai.  

Mr. Al Fahim said that "NASDAQ Dubai's international connections and high regulatory standards will play a powerful role in Dubai's growth as a centre of capital markets activity. Operational links between NASDAQ Dubai and DFM will increase, and together they will create a thriving trading hub that is unique in the Middle East."

Mr. Al Fahim also extended gratitude to his predecessors, saying: "We thank the retiring Board of Directors for their excellent work in overseeing a successful period of expansion at NASDAQ Dubai, including new equity listings and the creation of the exchange's equity derivatives market."

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