NASDAQ OMX, which bought a one-third stake in the Dubai International Financial Exchange (DIFX) in February, has rebranded the exchange as NASDAQ Dubai.

For exchange-traded funds, the move is a minor tweak on what should be a major 2009 trend: global cross-listings of ETFs.

Among the major ETF providers, Invesco PowerShares Capital Management and State Street Global Advisors have both indicated interested in offering exchange-traded funds in Middle East markets like Dubai (see story here.)

The first listing to benefit from the NASDAQ-Dubai deal won't be an ETF though, but the NASDAQ OMX Group (NDAQ) itself, which will list its share on the Nasdaq Dubai on Nov. 20.

Middle East nations are anxious to turn themselves into global financial centers and have been linking up with U.S. and European exchanges over the past two years as part of their diversification away from oil-linked wealth.

Part of that push will be the listing of exchange-traded funds locally and through global exchange partner cross-listings.

Already, many Mid East investors and institutions can access ETFs through global banks that operate in the region, but the introduction of cross-listed ETFs from the U.S. and Europe is expected to widen the range of investors that can access ETFs.

The Borse Dubai, the major owner of Nasdaq Dubai, also has plans to introduce its own ETFs (see story here.)