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Dubai Investments to lift foreign ownership level

dubai investmentsDubai Investments, a diversified manufacturer and investor in property, plans to increase the limit on foreign ownership of its shares to 35 percent of its total capital, the company said on Sunday.

Foreign investors now hold 13.7 percent of Dubai Investments’ shares out of the total 20 percent allowed, bourse data shows.

The firm’s shareholders, including sovereign fund Investment Corp of Dubai which has an 11.5 percent stake, will vote on the proposal at a meeting on April 15, the company said.

The proposal follows similar moves by other Dubai-listed companies such as property developers Deyaar and Union Properties, and Mashreq bank.

Companies in the United Arab Emirates and Qatar are reviewing 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