The NASDAQ has agreed to a deal that will allow the government-controlled stock exchange in Dubai to acquire a 20 to 30 percent stake, the New York Times reports. The Dubai exchange would also get a large stake in the LSE. In return, it would hand over the OMX Group, an exchange in Stockholm. NASDAQ had been pursuing the OMX, but few thought this sort of deal was in the works. It makes sense for the NASDAQ and its global ambitions. It could use the capital. But there could be some political opposition. Recall the furor when another Dubai company tried to buy a U.S. port management firm. The NASDAQ is not naive, it knew the issue when it inked the deal. I'm sure it has a plan to go forward. If it is thwarted, it will mark yet another blow to its plans to become a global player. Another issue: Qatar, which has plans of its own for the LSE.

For more:
- here's the New York Times article
- here's a MarketWatch article on the Qatar angle

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