Dubai’s endeavors to become the money centre of theMiddle Easthave been further supported by the new deal to buy Swedish exchange OMX and NASDAQ. The main idea of the article isDubaiand its new deal that shall enforce their efforts to become the money centre inMiddle East. Ba’alawy being the man behind the deal after serving Citigroup for a decade is all set to substitute for the Wall Street in the desert. He was instrumental in forging a complex $6.5 billion deal which involves Borse Dubai and it will result in NASDAQ taking over OMX and also owning a third of Borse Dubai whereas, Borse Dubai will a 20% stake in NASDAQ and also a 28% stake of what NASDAQ holds in LSE.
The major goal behind the deal was to shift the focus from oil, shipping and high tech industries and developing a strong financial market that will change the face ofDubaieven further. Overall the Gulf rulers have realized the importance of developing financial markets and shift the focus from oil and energy sources since they will deplete in the coming years.Dubaiwent a step ahead of its Gulf counterparts by striking this multi-billion dollar deal. TheDubaiinternational financial centre (DFIX) is further proof of the intentions to become the money centre. The brain behind this deal has pushed Dubai to be soon competing with New York which is his ultimate goal and further in becoming the money centre and the successful deal brought an opportunity for NASDAQ to expand into Northern Europe by taking over OMX whereas Dubai can now make use of the successful software developed my OMX which is being used by 60 bourses around the world, this technology will assist Dubai to enter the emerging markets especially the Gulf. Thus, they went after OMX and wound up with a better brand as a result (“Dubai: Wall Street In The Desert?”).
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