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Tuesday, June 24, 2008
NYSE Euronext Buys 25% Stake in Qatar Stock Exchange
Associated Press
Established in 1995, the Doha Securities Market (DSM) began operations in May 1997, and currently has 43 listed companies. Its market capitalization has climbed to $136 billion from $5.2 billion in 2000.
The deal, which represents NYSE Euronext's largest investment ever in a foreign exchange, is expected to close early in the fourth quarter.
NYSE Euronext will receive three of 11 seats on the DSM's board. It will be the technology provider for both the cash equities and derivatives markets, and will manage the new exchange's operations, including naming senior management.
"This represents a hugely significant development for Doha's financial markets," said Sheikh Hamad bin Jassim bin Jabor Al-Thani, Prime Minister and Minister of Foreign Affairs of Qatar. "It's a significant endorsement of Qatar's importance in the world's capital markets and will provide considerable opportunities for our future generations."
NYSE Euronext said it will base a number of its growing Middle East region operational and technology support functions in Doha, growing its financial hub there.
Qatar is retaining a 75% stake in the DSM, but said it plans to sell a minority share of the DSM in a domestic initial public offering within the next three years.
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