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Tue 16 Dec 2014 01:33 PM

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Qatar's Ezdan increases foreign ownership cap to 49%

Qatari developer says the move will help boost investment in the domestic market and add liquidity to the stock exchange

Qatar's Ezdan increases foreign ownership cap to 49%

Shareholders in Qatari developer Ezdan Holding have agreed to increase the company’s foreign ownership threshold to 49 percent from 25 percent.

The move had been recommended by the board after Qatari Emir Sheikh Tamim bin Hamad Al Thani urged listed companies to allow greater foreign investment to help boost liquidity in the market.

“[The Emir’s directive] is a welcome move that could bolster investment in the domestic market and contribute to the national economy,” Ezdan Holding chairman Sheikh Khalid bin Thani bin Abdulla Al Thani told shareholders, according to Gulf Times.

Ezdan Holding Group CEO Ali Al Obaidly said increasing non-Qatari ownership of the company also would help attract more foreign investments, supporting the development of the country and providing economic opportunities to new institutions.

The developer intends to launch numerous real estate projects next year, including Ezdan Mall Al Wakra and Ezdan Hotel Al Shamal.

It owns more than 18,000 real estate units.

However, Al Obaidly said the group was looking to also invest in non-real estate project to diversify its risk.