It's sizzling in Dubai. And we're not just talking about the summer temperatures, which generally range between 113 degrees and 122 degrees Fahrenheit.
Global investment banks like Citigroup(C Quote) and UBS(UBS Quote) are hot to set up shop in the Middle Eastern nation of Dubai, located in the United Arab Emirates. Although Dubai has a population of just over a million people, it has emerged as a trading hub for a region now swimming in petrodollars.
Meanwhile, as the planet's biggest banks jockey for position in the tiny desert kingdom, Dubai's government is investing beyond its own borders in a big way. The Borse Dubai, the government-controlled exchange, for example, recently agreed to take a 19.9% stake in the Nasdaq(NDAQ Quote) and buy Nasdaq's 28% stake in the London Stock Exchange. ...
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