Dubai - NASDAQ Dubai has announced that Jeff Singer has stepped down as Chief Executive after four successful years at the region's international exchange. Mr. Singer takes up the position of Chief Executive of the Dubai International Financial Centre (DIFC) Authority, which operates the onshore financial centre in which NASDAQ Dubai is located, effective August 1, 2012.

Hamed Ali, who served as Executive Officer of NASDAQ Dubai from 2006-2008, will return to the exchange as Chief Operating Officer. Mr. Ali joins NASDAQ Dubai from the Knowledge & Human Development Authority in Dubai, where he has served as Executive Director.

Abdul Wahed Al Fahim, Chairman of NASDAQ Dubai, said: "Under Jeff Singer's dynamic leadership, NASDAQ Dubai has expanded its role as a centre of Middle East capital markets enterprise and growth, combining best international practice with regional expertise and understanding. The exchange will continue to pursue this strategy, further strengthening the UAE's prominent position in the financial markets.

Mr. Ali said: "I am delighted to return to the exchange as it prepares for further expansion and innovation. NASDAQ Dubai will maintain its role as a driving force in the growth of the region's capital markets and a listing venue of choice." As Executive Officer, Mr. Ali helped to successfully manage the listing of DP World in 2007, in the Middle East's largest IPO at 4.96 billion dollars. He later served as Chief Operating Officer of the DIFC Authority from 2008-2009. He will take up his new appointment at NASDAQ Dubai on August 5, 2012.

Mr. Singer said: "I am very proud of the progress achieved by NASDAQ Dubai over the past four years, in a challenging period for global financial markets. With the support of DFM, the DIFC Authority and other UAE institutions, the exchange has carried out many successful and pioneering initiatives that are unique in the region and have helped to position the UAE as an increasingly important player in the international financial market place.

"As Chief Executive of the DIFC Authority, I look forward to supporting NASDAQ Dubai as it plays a key role in the evolution of the UAE's capital markets, competing successfully for new listings and investment with international exchanges around the world."

NASDAQ Dubai will make a further announcement regarding its executive structure in due course.