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NYSE Euronext (NYX) and Qatar Holding will establish the Qatar Exchange as a successor to the Doha Securities Market as they look to boost the exchange to international recognition.

By 2015, Qatar is expected to be the second-largest economy in the Gulf Cooperation Council, so the move will likely give NYSE exposure to one of the world’s fastest-growing areas.

The investment and technology joint venture is part of the gas-rich country’s plans to compete with the financial-services sector in Dubai and Abu Dhabi.

NYSE earlier this year scaled back its planned investment in the exchange, which has been in the works for more than a year, to $200 million. That would give the company a 20% stake in the new exchange. The Qatar Investment Authority will retain 80% of the exchange through Qatar Holding, its investment arm. Qatar announced last June that it had selected NYSE Euronext as a partner for the project.

NYSE executive Andre Went, who served as managing director based in Amsterdam, will be the new exchange’s chief executive. The Qatar Exchange will begin trading under the new name and management starting Sunday.

Qatar Prime Minister and Minister of Foreign Affairs Hamad bin Jassim bin Jabor Al-Thani said the opening of the new exchange “paves the way for Qatar to take a prominent role in the world’s capital markets for the benefit of both the people of Qatar and the Middle East more generally.”

He added the country’s vision is to create a “world-class financial center” on par with those in Europe, Asia and the U.S.

NYSE Euronext will provide the technology for the new exchange. NYSE’s shares closed Thursday at $28.07 and haven’t traded premarket.


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