NASDAQ Dubai Announces Appointment of New Chairman and Board of Directors

Published June 14th, 2010 - 01:20 GMT

NASDAQ Dubai today announced the appointment of a new Board of Directors, led by Abdul Wahed Al Fahim as Chairman.


The Board will drive NASDAQ Dubai’s expansion and development following its acquisition last month by Dubai Financial Market (DFM).


Mr. Al Fahim is Group Deputy Chief Executive, wholesale banking, of Emirates NBD, the largest banking group in the Middle East by assets.  The other new Directors are:  Majid Saif Al Ghurair, Chairman of SHUAA Capital and Chief Executive of the Al Ghurair Private Company; Rashid Al Shamsi, Vice Chairman of DFM and Chief Executive of Sama Dubai; Abdulla Ghobash, Regional Director in the Northern Emirates of National Bank of Abu Dhabi; Edward Knight, Executive Vice President and General Counsel of the NASDAQ OMX Group; and Jamal Nasser Lootah, Board Director of Nasser Rashid Lootah Group and Chairman of the Governing Board of the OPEC Fund for International Development in Vienna.


The new eight-member Board also includes two Directors who have been re-appointed: Essa Kazim, Managing Director and Chief Executive of DFM and Chairman of Borse Dubai; and George Möller, Chairman of the Supervisory Board of the Netherlands Authority for the Financial Markets.


Mr. Al Fahim said: “NASDAQ Dubai’s international connections and high regulatory standards will play a powerful role in Dubai’s growth as a centre of capital markets activity. Operational links between NASDAQ Dubai and DFM will increase and together they will create a thriving trading hub that is unique in the Middle East.”     


Jeff Singer, Chief Executive of NASDAQ Dubai, said: “The new Board of Directors brings a wealth of regional and international expertise to NASDAQ Dubai as we prepare for further listings and liquidity growth.  We look forward to expanding our role as a centre of innovation and new product offerings.”   


Mr. Al Fahim added: “We thank the retiring Board of Directors for their excellent work in overseeing a successful period of expansion at NASDAQ Dubai, including new equity listings and the creation of the exchange’s equity derivatives market.”  


Following  DFM’s acquisition of two thirds of the shares in the exchange, NASDAQ Dubai remains a separate company, regulated by the Dubai Financial Services Authority and retaining its own listing rules and membership.



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