Shareholders of Dubai Investments (DI) have approved the companys proposal to raise its foreign ownership limit from 20 to 35 per cent.
Over the past year, seven companies in the UAE and Qatar have said to be seeking regulatory approval to raise the amount of shares foreigners can hold. Three have already obtained approval and raised their limits, improving their chances for inclusion in MSCIs emerging markets index.
DIs shareholders also approved a proposal to distribute a 7 per cent cash dividend and 7 per cent in bonus shares for the year 2013, as well as re-elected its board of directors for three years.
The Dubai Financial Market-listed company focuses on manufacturing, financial investments and real estate, with the latter representing two-third of its assets.
We have a strong thrust in developing our real estate portfolio during the year. We are also actively working on certain divestments as well as new acquisitions, says Sohail Faris Ghanim al-Mazrui, chairman of DI.
The groups assets stood at AED12.62bn ($3.44bn) at the end of 2013, nearly unchanged compared to a year ago. Revenue totaled AED2.8bn in 2013, a year-on-year increase of 22 per cent, while net profit was AED822m, an increase of 156 per cent.