DUBAI Feb 24 Qatar's Al Khaliji Commercial Bank
said on Monday its shareholders had approved
increasing the limit on the amount of stock foreigners can own
in the lender to 49 percent. It cited Qatar's upcoming upgrade
by MSCI for the change.
The motion was agreed at the bank's annual general meeting
on Sunday, the statement said. The previous limit was 25
percent; only 16.18 percent of the firm is currently held by
non-Qatari investors, according to bourse data.
"This change allows the bank to open up to international
investors and increase the liquidity of the bank's shares," the
bank said in a statement.
MSCI will upgarde Qatar and the United Arab Emirates to
emerging market status in May; before then, it will choose
individual stocks from those countries for inclusion in its
emerging market indexes.
Al Khaliji said on Monday that it had raised its foreign
ownership limit after reviewing criteria for inclusion.
Earlier on Monday, Dubai's Union Properties said
it was increasing its cap to 25 percent from an unspecified
(Reporting by David French; Editing by Andrew Torchia)