This paper aims to analyze the stock exchange consolidation process in Emerging Markets, with particular reference to the United Arab Emirates (UAE). More specifically, this paper aims to investigate whether the UAE stock exchanges will be characterized by the same consolidation process, which affected the more developed ones, and examines the potential implications for their holdings in the OECD Countries (Borsa Italiana-London Stock Exchange and Nasdaq-OMX). The findings show that the contraction both in market capitalization and in trading value in the three major Arab stock exchanges of the UAE (Dubai Financial Market, Nasdaq Dubai and Abu Dhabi Securities Exchange) could be a key factors in implementing a merger between them. Furthermore, the potential unique UAE stock exchange could have implications in terms of corporate governance of the holdings and competition.