The approval means Borse Dubai can continue with its plan to acquire two thirds of the shares in Nordic exchange OMX, which forms part of its wide-ranging deal with the US exchange.

The OMX board unanimously recommended the transaction on 2 January.

As part of the agreement Borse Dubai will then swap its holding in OMX for a combination of shares in Nasdaq and cash.

Nasdaq in turn will invest in Borse Dubai’s subsidiary, the Dubai International Financial Exchange, and help with technology and branding.