DUBAI, April 5 Shareholders of Dubai property
developer Deyaar have approved a plan to allocate 25
percent of its share capital to foreigners, the company said on
At present, investors in Gulf Cooperation Council countries
can own up to 49 percent of Deyaar's shares; they currently hold
3.7 percent, bourse data shows, while those from outside the GCC
have not been allowed to own any stake.
The company said the shareholders approved the allocation at
a meeting on Thursday. Its share price jumped 11.8 percent as
its shareholders met to vote on the recommendation made by the
company's board in February.
"With the UAE joining the MSCI Emerging Markets Index, it is
expected that many global investors and institutions will adjust
their emerging market allocations to the UAE," Deyaar CEO Saeed
Al Qatami said, commenting on the meeting.
"We are confident, once implemented, the investor allocation
will have a positive impact on the overall trading of the
The company's decision 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.
(Reporting by Praveen Menon; Writing by Sami Aboudi; Editing by