25 Nov, 2009Soud Ba'alawy steps down as Nasdaq Dubai Chairman

Soud Baalawy has stepped down as Chairman of Nasdaq Dubai after more than two years overseeing the successful expansion of the Exchange.

Mr. Ba'alawy has resigned in order to focus more closely on his core role at Dubai Group, the leading diversified financial services company of Dubai Holding. As part of that transition, Mr. Ba'alawy will also resign his seat on The Nasdaq OMX Group board. He was appointed to the board in March 2008.

Mr. Ba'alawy, who became Chairman of Nasdaq Dubai in July 2007, said: "I am delighted to have had the opportunity to lead Nasdaq Dubai through a period of significant development, including the launch and rapid expansion of its equity derivatives market and substantial growth of its equity trading volumes.

"With the exchange well placed for further growth, I look forward to refocusing my energies more closely on my responsibilities at Dubai Group. Mr Ba'alawy has been heading Dubai Group since inception.

Jeff Singer, Chief Executive of Nasdaq Dubai, said: "Soud Ba'alawy has guided the exchange with vigour and strategic insight during a transition period in which we have expanded our investor base regionally and internationally and attracted new listings including equities and Sukuk.

"As a result of his strong leadership the exchange is set for further expansion and innovation in 2010 and beyond.

A new Chairman of Nasdaq Dubai will be appointed soon.