Soud Ba'alawy to focus on Dubai Group resigns from the Financial Exchanges
Soud Ba'alawy to focus on Dubai Group resigns from the Financial ExchangesNovember 29, 2009
DUBAI, 29 November 2009: Dubai Holding announced that Soud Ba'alawy, Executive Chairman of Dubai Group, has decided to resign from his post as Chairman of NASDAQ Dubai. Mr. Ba'alawy will also resign his seats on the boards of the NASDAQ OMX Group, Dubai Financial Market and Borse Dubai to focus more closely on his core role at Dubai Group, the leading diversified financial services company of Dubai Holding.
Ba'alawy said, "It was a great honour for me to participate in Dubai's evolution as a key financial centre. I am also grateful for having been given the opportunity to take forward the growth of the exchanges. I believe they have reached high levels of maturity today and therefore, I am now ready to focus on Dubai Group."
Ba'alawy has been heading Dubai Group since its inception in 2000. His latest decision will not impact his status as member of other boards. Dubai Holding is a shareholder in Borse Dubai, which in turn owns shares in NASDAQ Dubai, NASDAQ OMX Group and Dubai Financial Market.