Aldar Properties has announced that is Foreign Ownership Limit (FOL) has been increased from 40% to 49%. The move received approval at its AGM, held on March 21, and has now met all regulatory formalities, meaning it is effective from Sunday April 15. It has already been implemented by the Abu Dhabi Securities Exchange (ADX).
"Active engagement with international investors has been an important focus for Aldar over the past few years and we have seen significant growth in our international shareholding over this time," said Talal Al Dhiyebi, CEO of Aldar. "The increase in our Foreign Ownership Limit to 49% will support further growth in our international shareholding, as well as providing greater liquidity in the stock as we embark on our growth strategy within Abu Dhabi and beyond."
The move comes at a time when prices in the Abu Dhabi real estate sector had declined by just over nine percent throughout 2017, according to a new report by Knight Frank. It also coincides with a Dubai plan to allow foreign investors to own time-share properties in the city, signalling a desire to further open the UAE’s property market to overseas buyers.
Aldar actively participates in international investor roadshows to some of the world's leading capital markets. Last month, Aldar joined a host of other Abu Dhabi Securities Exchange listed companies on a roadshow to New York where it presented Aldar's equity proposition to a broad range of institutional investors.For all the latest business 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.
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