Dubai's exchange growing globally
Emirates, one of the fastest-growing airlines in the world, is planning to list itself on Dubai's stock market. Stephen Beard reports that this gives a boost to Dubai's fledgling exchange, which is building itself as a global presence.
A trader at the Dubai International Financial Exchange (Rabih Moghrabi/AFP/Getty Images)
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Doug Krizner: The national airlines of the United Arab Emirates is one the fastest-growing in the world. Today, Emirates is planning to list shares on the small stock market in Dubai. From London, Stephen Beard has more.
Stephen Beard: If the IPO goes ahead, it could value Emirates at up to $20 billion.
It would also be a further boost for Dubai's fledgeling stock exchange. Last week, Dubai Ports World announced that it was also listing on the Dubai exchange.
This is all part of a clear strategy to build up the tiny Gulf state into a major financial center, says David Butter of the Economist Intelligence Unit:
David Butter: It's a very ambitious plan, and it's basically creating a long-term asset, which has nothing to do with -- or long-term series of assets -- that has nothing to do, ultimately, with oil.
Dubai is already making its presence felt in the world of finance. The stock exchange will soon be come the largest single investor in Nasdaq. And the head of Lloyds of London has just warned that Dubai is emerging as a major new competitor in the global insurance market.
In London, this is Stephen Beard for Marketplace.
