Developer has received approval to raise limit to 25 per cent
The decision is effective from 21 April.
Companies in the UAE and Qatar are increasingly seeking higher foreign ownership limits as both countries stock markets gear up for their MSCI upgrade to emerging markets status on 2 June.
The index compiler sets out a minimum requirement of shares open for foreign trade, forcing companies to individually raise their levels if they want to be eligible for inclusion on the emerging markets index.
Companies seeking higher foreign ownership limits include Dubai Investments, Dubai Islamic Bank, Doha-based Al-Khaliji Islamic Bank and Qatar Islamic Bank. Commercial Bank of Qatar and Dubai-based Mashreq Bank have already raised the amount of shares foreigners can hold.
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.