September 2, 2019 / 5:18 AM / 16 days ago

Emirates NBD raises foreign ownership limit

DUBAI, Sept 2 (Reuters) - Emirates NBD, Dubai’s largest bank, on Monday said it had raised its foreign ownership limit to 20% from 5%.

The bank also announced its intention to raise its foreign ownership limit to 40% in the future after seeking approvals from its shareholders and the relevant regulatory authorities.

The chairman of Emirates NBD, Sheikh Ahmed Bin Saeed Al Maktoum said in a statement the move contributes to “increased liquidity and depth in the UAE’s capital markets,” in addition to diversifying the bank’s investor base.

Analysts have said moves by companies to raise foreign ownership limits could help boost investor appetite for the UAE stock markets this year. (Reporting by Tuqa Khalid, editing by Davide Barbuscia)

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