Dubai: one is better than two, or three (344)

Dubai is learning the harsh truth about financial centres. The emirate’s effort to build a standalone international stock exchange from scratch appears to have failed. Nasdaq Dubai , which was set up in 2005 and boasts just three primary equity listings, is being acquired by its larger local rival, Dubai Financial Market (DFM). The move consolidates the government ownership of Dubai’s exchanges. U.S. operator Nasdaq OMX will swap its 33.3 percent stake in the international exchange for a 1 per...