DUBAI Feb 16 Dubai property developer Deyaar
said on Sunday that it planned to allow foreigners to
begin investing in its shares and hold up to 25 percent of its
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. Shares in the company jumped
9.8 percent on Sunday morning after the plan was announced.
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.
Union Properties, another Dubai property firm, is also
seeking to increase its foreign ownership limit.
Deyaar's board also resolved that the company's share
capital is sufficient to meet future expansion and growth, the
(Reporting by Praveen Menon; Editing by Andrew Torchia)