NYSE Euronext and Qatar Holding, the investment arm of the Qatar Inves
tment Authority (QIA), said their partnership will give rise to Qatar Exchange, the successor of the Doha Securities Market (DSM).
Under the deal, NYSE Euronext is taking a 20 percent stake in the exchange, with the rest owned by the QIA, the state investment fund, through Qatar Holding.
All workers at DSM will be transferred to Qatar Exchange.
NYSE Euronext, the parent of the New York Stock Exchange, will provide the technology for the new exchange.
Stock exchanges in the Gulf region have outperformed many of their peers elsewhere in recent years, thanks in part to their fast-growing economies.
But the financial crisis has in the past few quarters also hit exchanges in the region, sapping a lot of trading volume and putting public listings on hold.
Still, the move would give NYSE exposure to one of the world's growth areas.
The investment and technology joint venture is part of the country's plans to compete with the financial-services sector in Dubai and Abu Dhabi.
"The start of this relationship between NYSE Euronext and the state of Qatar and Qatar Exchange will add a lot of value to us in terms of technology, in terms of developing the project and in going international," said Hussain al-Abdulla, board member executive of the QIA.
Source : business.maktoob.com/20090000005900/NYSE_Euronext_invests_$200mln_in_Qatar_bourse/Article.htm
tment Authority (QIA), said their partnership will give rise to Qatar Exchange, the successor of the Doha Securities Market (DSM).Under the deal, NYSE Euronext is taking a 20 percent stake in the exchange, with the rest owned by the QIA, the state investment fund, through Qatar Holding.
All workers at DSM will be transferred to Qatar Exchange.
NYSE Euronext, the parent of the New York Stock Exchange, will provide the technology for the new exchange.
Stock exchanges in the Gulf region have outperformed many of their peers elsewhere in recent years, thanks in part to their fast-growing economies.
But the financial crisis has in the past few quarters also hit exchanges in the region, sapping a lot of trading volume and putting public listings on hold.
Still, the move would give NYSE exposure to one of the world's growth areas.
The investment and technology joint venture is part of the country's plans to compete with the financial-services sector in Dubai and Abu Dhabi.
"The start of this relationship between NYSE Euronext and the state of Qatar and Qatar Exchange will add a lot of value to us in terms of technology, in terms of developing the project and in going international," said Hussain al-Abdulla, board member executive of the QIA.
Source : business.maktoob.com/20090000005900/NYSE_Euronext_invests_$200mln_in_Qatar_bourse/Article.htm
Great for Qatar.
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