Dubai will buy substantial stakes in two stock markets in an attempt to diversify its holdings beyond petroleum, Bloomberg reports. Borse Dubai, the emirate's investing arm, will acquire almost 20% of the Nasdaq and 28% of the London Stock Exchange. The Nasdaq purchase includes a deal for a Norwegian exchange as well and gives Nasdaq its first foothold in Europe.
Dubai, which owns 10% of the world's oil reserves, has long sought shares of Western stock exchanges, and its showdown with Nasdaq over Norway's OMX led to today's deal. Borse Dubai is not the only Persian Gulf company to acquire a stake in the London bourse; the Qatar Investment Authority also said it has acquired 20% of the exchange.