Dubai's Union Properties to lift foreign ownership cap to 25%

Developer is the latest UAE and Qatar Gulf firm to raise its limit ahead of the upgrading of emerging market status by index provider MSCI in May
Dubai's Union Properties to lift foreign ownership cap to 25%
By Reuters
Mon 24 Feb 2014 11:29 AM

Dubai's Union Properties said on Monday that its board of directors had recommended increasing the cap on how much foreign investors can own in the developer to 25 percent.

The firm did not say from what level it was raising the limit in its statement to the Dubai stock exchange. Foreigners currently own 4.35 percent of the company, according to bourse data.

It is the latest move by companies in the United Arab Emirates and Qatar to raise their limits on foreign ownership ahead of the upgrading of their countries to emerging market status by index provider MSCI in May. The move is expected to bring in significant amounts of new international capital.

For all the latest real estate 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.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.