Aldar Properties has increased its foreign ownership limit (FOL) to 49 per cent from 40 per cent, effective from Sunday 15 April.

The move follows the completion of all regulatory formalities and the shareholder approval of the increase at Aldar’s 2018 Annual General Meeting, which was held on 21 March 2018.

“Active engagement with international investors has been an important focus for Aldar over the past few years and we have seen significant growth in our international shareholding over this time,” says Talal al-Dhiyebi, CEO, Aldar. “The increase in our Foreign Ownership Limit to 49% will support further growth in our international shareholding, as well as providing greater liquidity in the stock as we embark on our growth strategy within Abu Dhabi and beyond.”

Aldar says it actively participates in international investor roadshows to some of the world’s leading capital markets. Last month, Aldar joined other Abu Dhabi Securities Exchange listed companies on a roadshow to New York.

Aldar recently formed a joint venture with Dubai’s Emaar Properties to deliver AED30bn (8.2bn) of real estate schemes in the UAE and internationally.

The joint venture of Aldar Properties and Emaar Properties will initially focus on two projects, both of which have been worked on previously.

In Dubai, the joint venture will work on Emaar Beachfront, which is being developed on an offshore island in the Gulf next to Dubai Harbour.

In Abu Dhabi, the joint venture will develop Saadiyat Grove. The project will provide a link between the Louvre museum and the planned Zayed National Museum and Guggenheim museum.