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Thu 8 Jan 2015 11:29 AM

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Dubai's Drake and Scull asks to treat Gulf investors as nationals

Dubai-listed companies have different limits on the size of the combined stakes of local and foreign investors

Dubai's Drake and Scull asks to treat Gulf investors as nationals
Khaldoun Tabari, Drake & Scull CEO

Dubai contractor Drake and Scull will seek regulatory approval to treat investors from Gulf Cooperation Council (GCC) countries the same as those from the United Arab Emirates, the firm said in a statement on Thursday.

Dubai-listed companies have different limits on the size of the combined stakes of local and foreign investors.

If approved, Gulf investors will be allowed to own up to 100 percent of Drake and Scull's shares.

Non-UAE Gulf investors currently own 6.3 percent of Drake's shares, according to bourse data.

The GCC consists of the UAE, Saudi Arabia, Qatar, Kuwait, Oman and Bahrain.

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