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Thu 2 Jul 2015 12:01 PM

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Dubai's Drake & Scull increases GCC ownership limit to 100%

Engineering and construction company says the move is an increase from the existing 49% limit

Dubai's Drake & Scull increases GCC ownership limit to 100%
Khaldoun Tabari, Drake & Scull CEO

Drake & Scull, the Dubai-based engineering and construction company, increased the limit for which nationals from the Gulf Cooperation Council (GCC) can hold their shares to 100 percent from 49 percent, it said on Thursday.

The move was effective from Thursday, it said in the statement.

Nationals from the UAE currently hold 51.02 percent of the company's stock, with the remaining GCC nations, which include Bahrain, Kuwait, Oman, Qatar and Saudi Arabia, owning 5.85 percent, according to bourse data.

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