It turns out tiny Middle Eastern emirates don't need two stock exchanges. Especially when the second can only muster three listing. And even more so when that tiny emirate has very little to offer except creatively-shaped artificial islands with default notices looming.
Nasdaq Dubai is set to be bought by the Dubai Financial Market for $102 million and a 1% stake in itself. Which means that the good people at Nasdaq OMX get to experience what everyone else who invested in Dubai experienced: a 70% write-down.
What does DFM get for its money? A stock exchange whose primary listing is a ports company once accused of being little short of a terrorist front owned by a company that can't pay its bills.
DFM Offers to Acquire Nasdaq Dubai for $121 Million [Bloomberg]
Dubai exchange tie-up teaches a hard truth [Telegraph]