Dubai-based Emirates NBD Bank has announced its intention to increase foreign ownership from 5 per cent to 20 per cent once it obtains the necessary regulatory approvals and the agreement of its shareholders and board of directors.
The bank also said it aims to raise the foreign ownership limit to up to 40 per cent in the future subject to necessary approvals from its shareholders and the relevant regulatory authorities.
“We are confident that today’s announcement will contribute to support the vision and goals of the country’s leadership and developing the UAE as a pivotal hub in the global economy,” Emirates NBD chairman Ahmed bin Saeed al-Maktoum, who also chairs Dubai’s Emirates aviation group, said in a statement on 2 September.
Al-Maktoum added that the announcement will “strengthen the UAE’s proposition as one of the the most attractive economies for foreign direct investment and contribute to increased liquidity and depth in the UAE’s capital markets.”
The UAE last year issued a new foreign direct investment law that allows 100 per cent ownership in targeted sectors, which exclude the country's oil and gas projects.
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