DUBAI: Dubai property developer Deyaar said yesterday that it planned to allow foreigners to begin investing in its shares and hold up to 25 percent of its share capital.
At present, nationals from Gulf Cooperation Council countries can own up to 49 percent of Deyaar’s shares; they currently hold 3.7 percent, bourse data shows. Foreigners from outside the GCC have been prohibited.
The Deyaar board’s recommendation will be subject to approval by the company’s shareholders in an extraordinary general meeting to be held soon. The move is part of a trend by companies in the United Arab Emirates and Qatar to review their foreign ownership caps before international index compiler MSCI raises those countries to emerging market status in May, which is expected to attract fresh foreign money. Reuters
