File - Emirati men follow the market's movements at the Dubai Financial Market on November 6, 2008. (AFP PHOTO/KARIM SAHIB)
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Abu Dhabi and Dubai completed due diligence on a potential merger of the two stock markets in the United Arab Emirates, bringing the combination a step closer, according to two people familiar with the matter.Shares of Dubai Financial Market, the only listed stock exchange in the Middle East, jumped 3.2 percent.Dubai's gauge more than doubled, while Abu Dhabi's jumped 63 percent as MSCI Inc. in June upgraded the UAE, the second-biggest Arab economy, and Qatar to emerging-market status.The exchanges' integration would follow a $15 billion joint venture between Dubai Aluminium and Abu Dhabi's Emirates Aluminium Co.Citigroup Inc. is advising Investment Corp. of Dubai, the investment company which controls the Dubai Financial Market, they added.
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