A report in the Wall Street Journal has hinted Nasdaq may consider selling part of itself to Borse Dubai in exchange for the Gulf based outfit deciding to modify, or even drop, its interest in OMX.
This raises the possibility Nasdaq's LSE stake could also be used as bait to lure Borse Dubai away from OMX, which would bring Qatar and Dubai into direct competition - and not for the first time. The QIA was thought to have been interested in buying the Barneys New York chain of department stores which was recently acquired by Dubai based investment arm Istithmar.
Commitment from Qatar
It seems likely the sale of Nasdaq's LSE stake will involve a few twists and turns yet and it is entirely conceivable the QIA may end up buying a stake in Nasdaq itself. But whatever the outcome, the QIA is clearly setting out its stall on an aggressive acquisition strategy in the months ahead.
The QIA is to hire dozens of new staff next year while it is also planning to set up overseas offices. It has also secured a $3bn loan which it intends to use as a 'war chest for investments' according to Reuters.
Qatar may have encountered a number of unforeseen hindrances, as well as stiff competition, in its attempts to make acquisitions, but, with its sizeable financial clout and unflinching commitment, it is only a matter of time before it snares a big fish.
See also:
Qatar teams up with the UAEThe QIA is getting hungry for acquisitions$4bn Dubai bid for OMX part of a wider financial vision
Jonathan Sheikh-Miller, Deputy Editor
Wednesday, September 19 - 2007 at 00:24 UAE local time (GMT+4)
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