Dubai’s Deyaar surges to a one-week high after the property firm’s board recommends loosening share ownership restrictions to allow non-Gulf nationals to hold up to 25 percent of its shares.
The stock climbs 10 percent to its highest level since February 9.
The company will hold a shareholders’ meeting to discuss allowing share ownership by non-Gulf nationals, while regulator approval will also be required, a bourse statement on Sunday said.
At present, nationals from the five other countries that along with the United Arab Emirates make up the Gulf Cooperation Council (GCC) – Saudi Arabia, Qatar, Oman, Kuwait and Bahrain – are allowed to own up to 49 percent of Deyaar’s shares, bourse data shows.
In May, index compiler MSCI will upgrade the UAE and Qatar to emerging markets.
Dubai’s benchmark climbs 1.3 percent to 4,150 points, a fresh five-year high.
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