Company News

Dubai bourse names new directors, plans acquisitions

DUBAI, Nov 10 (Reuters) - The Dubai International Financial Exchange, in which U.S. bourse Nasdaq Stock Market Inc NDAQ.O has agreed to buy a third stake, said on Saturday it had named new board members as it prepared to make more acquisitions.

The exchange, which will be rebranded Nasdaq DIFX under a deal announced in September, has appointed four new directors to its board, including Borse Dubai Chief Executive Per Larsson.

The appointments come “as it prepares for an expansion in listings and further participation in international and regional exchange consolidation,” the exchange said in a statement.

Maha al-Ghunaim, managing director of Kuwaiti investment bank Global Investment House, Dubai Properties Chief Executive Mohamed Binbrek and Jumeirah Group Executive Chairman Gerald Lawless were also named to the board.

“The DIFX will expand its links with other exchanges internationally and regionally,” Larsson said in the statement, without elaborating.

Nasdaq and DIFX parent company Borse Dubai agreed in September to take over Nordic and Baltic share markets owner and technology company OMX AB OMX.ST in a $4.9 billion deal. Larsson was a former OMX chief executive.

Under the deal, which gives Nasdaq a 33 percent stake in the DIFX, Nasdaq plans to invest $50 million and allow Dubai to use its name in the Middle East, North Africa and South Asia, Borse Dubai Chairman Essa Kazim told Reuters in September.

Saad Abdul Razak and Adel al-Shirawi, who are members of the board of Borse Dubai, have stepped down as DIFX directors, the exchange said on Saturday. (Reporting by Daliah Merzaban; Editing by Ben Tan)