This being Dubai, the emirate is hoping to develop not just one, not just two, but four international exchanges of varying types. And Dubai being a member of the United Arab Emirates, there is not just one regulator, but two.
The idea behind the creation of this slew of exchanges is that Dubai takes advantage of its status as a quintessential trading hub and as home to a quorum of wealthy, educated investors. Sceptics however point out that the Gulf states have long cherished the hope of creating a fourth international financial centre – alongside London, New York and Tokyo – only to be undone by the power of technology and absence of rigorous regulation.
