Dubai fund could challenge Nasdaq over OMX

An investment fund owned by the state of Dubai might make a counter bid for the Scandinavian stock market OMX which has agreed to be bought by the US stock exchange Nasdaq, a newspaper report said on Monday.

The fund, the Dubai International Financial Centre, operates the stock exchange in Dubai and its chief executive is a former head of OMX, Per Larsson, the Financial Times newspaper reported.

The report said that the Dubai fund, created three years ago, and OMX had held talks before OMX accepted a bid of $3.7 billion from the US electronic exchange Nasdaq on Friday.

Last year the fund bought 3.5 percent of European stock market Euronext, the report said. Two months ago, Euronext was bought by the New York Stock Exchange.