Dubai-based real estate developer Emaar Properties’s rule to allow 100 percent foreign ownership will become effective from October 25.
The company has obtained the approval of the Securities & Commodities Authority and Dubai Economy & Tourism to amend the percentage of foreign ownership of the company’s shares to become 100 percent instead of 49 percent, it said in a statement to the Dubai Financial Market on Thursday.
“All the company’s shares are nominal, and there is no minimum shareholding for UAE nationals and GCC nationals in the company, and there is no shareholding limit for non UAE nationals,”
the statement read. Emaar said that the amendment shall commence on October 25, 2022, before trading hours.
The company had called for a general meeting on September 21 to discuss agendas, which include
“a special resolution to approve the abolition of the minimum contribution of UAE nationals and GCC nationals in the company”.
The board had recommended authorizing the board’s chairman to execute the amendment of Article 7 – that
“all the company’s shares are nominal, there is no minimum shareholding for UAE nationals and GCC nationals in the company, and there is no shareholding limit for non-UAE nationals.”
In September, Emaar Properties’ shareholders approved the acquisition of Dubai Creek Harbour from Dubai Holding and the sale of Namshi Holding to Noon AD Holdings.
News Source: Gulf Business