Nasdaq, Las Vegas Strip attract Dubai investments

While major print and broadcast outlets today focus on the state-owned Borse Dubai stock exchange agreeing to buy a 19.9 percent stake in New York’s Nasdaq stock exchange in a complex deal, Grumpy Editor finds most media overlooked another Dubai deal announced with less fanfare earlier this month.

In that one, a subsidiary of Dubai World’s investment arm is taking a 25 percent stake in developing a multi-billion dollar resort on the Las Vegas Strip.

The Sin City multi-use project involves teaming up with MGM Mirage, a major operator on the Las Vegas Strip, with construction to begin in early 2009, followed by opening in 2012.

Meanwhile, the Nasdaq deal already is raising eyebrows in Congress.

That’s because Nasdaq is one of the world's largest stock exchanges, listing about 3,200 companies, including many high-tech firms such as Google, Microsoft and Apple.  The deal would make Dubai, part of the United Arab Emirates, the first Mideast government to hold a significant stake in a U.S.-based stock-market operator.

An effort 18 months ago by a Dubai state-owned company to purchase operating rights at six U.S. ports was scuttled following concerns over security issues.