(The Wall Street Journal) -- Borse Dubai hopes to use Sweden's OMX to help it consolidate exchanges in the Middle East and develop an international financial hub in the region, if it succeeds in trumping Nasdaq to take over the Nordic exchange operator, a person familiar with the matter said.

Last Thursday, Borse Dubai, holding company of two Dubai-based state-owned exchanges, said it purchased a 4.9% stake in OMX, at 230 Swedish kronor a share, and has options to buy shares representing a further 22.5% at the same price. It must clarify its intentions to Swedish regulators this week. Today, Borse Dubai is set to sit down with OMX in Stockholm to explain its position.