Dubai-listed companies have different limits on the size of the combined stakes of local and foreign investors
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.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.