Middle-east Arab News Opinion | Asharq Al-awsat

Borse Dubai says Would Consider Qatar Bid for LSE - ASHARQ AL-AWSAT English Archive
Select Page

DUBAI (Reuters) – Borse Dubai said on Sunday it would consider selling a stake in the London Stock Exchange Group to Qatar, but had not received any approaches and was unlikely to sell any stake in the short term.

Borse Dubai and the Nasdaq Stock Market should close a deal this month to buy Nordic and Baltic stock exchange OMX. Under the tie-up, Borse Dubai gets Nasdaq’s stake in the London Stock Exchange (LSE).

“If the Qatari government wants to strike a deal in the future … then we would consider it,” Borse Dubai Chairman Essa Kazim told reporters.

Any stake sale would “absolutely not” occur in the short term, added Soud Ba’alawy, the firm’s deputy chairman.

Qatar owns 15 percent of the LSE through the Qatar Investment Authority (QIA), its $60 billion sovereign wealth fund.

The QIA planned to use its stake in the LSE to develop its own capital markets, a person familiar with the fund told Reuters last month.

QIA subsidiary Qatar Holding and Borse Dubai were in talks for Qatar to exchange its 10 percent stake in OMX for at least part of Dubai’s stake in the LSE, people familiar with the matter said in December.

Borse Dubai had not agreed on any deal with Qatar on selling its stake, Kazim said.

Qatar, with a population of 1 million and holder of the world’s third-largest natural gas reserves, is looking to use its petroleum wealth to diversify its economy. The QIA in November dropped its 10.6 billion pound bid for J. Sainsbury Plc Britain’s third-largest supermarket group.

Under the OMX deal, Nasdaq agreed to take a 33 percent stake in the Dubai International Financial Exchange (DIFX), set up by the government of Dubai in 2005 to operate according to international regulatory standards.

The exchange, to be re-branded as Nasdaq DIFX, planned to expand in the Middle East, Africa and Asia, Kazim told reporters.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

More Posts

Follow Me:
FacebookGoogle PlusYouTube