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Wall Street Moves To The Middle East


Dubai has taken new steps toward becoming a true global financial powerhouse, buying 20% stakes in the Nasdaq and London Stock Exchange as higher oil has given the Gulf state even more money to invest. But why are exchanges so attractive to Middle East investors?

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Investors in Dubai, Qatar and Abu Dhabi have over $1.5 trillion to invest, and they are phenomenally ambitious. Jeff Macke thinks a good way to “trade Dubai” is to get ahead of “trophy assets” like Tiffany’s (TIF), which is the type of company these investors might become interested in aside from their obvious attention to the exchanges.

If these sheikdoms and countries are so infatuated with exchanges, then the average investor should be, too, Karen Finerman said. She thinks the Nasdaq (NDAQ), NYMEX (NMX), and NYSE (NYX) are all “good to own.” She said: With all this talk about global exchanges – even with its poor performance this year – how can one ignore the mother of them all: the NYSE?

Guy Adami would play this Middle Eastern trade with infrastructure companies like Fluor (FLR) and McDermott (MDR). After all, Dubai itself is growing at an extraordinary pace and its going to need help with keeping up its infrastructure.

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Trader disclosure: On Sept. 20, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (ATVI), (EMC); Najarian Owns (AAPL), (VMW), (CREE); Finerman's Firm Owns (BEAS), (LTD), (BWS), (NMX), (NYX), (COP), (KALU); Finerman's Firm Owns S&P 500 Puts; Finerman's Firm Owns Russell 2000 Puts; Finerman's Firm And Finerman Own (HD)