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Wed 17 Oct 2007 01:04 AM

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Shuaa gets nod for more foreign ownership

Foreigners can now own up to 49% of the UAE investment bank's stock.

Shuaa Capital, the UAE's largest investment bank by market value, won approval to allow foreigners to own as much as 49% of its stock, up from 40%, the Ministry of Economy said on Tuesday.

Shuaa sharesholders approved the proposal in August.

Shares of Shuaa surged to a 17-month high, cracking a key resistance level that Prime Emirates brokerage said may allow the stock to rise to 8.00 dirhams ($2.18).

Shuaa closed 8.46% higher at 5.90 dirhams. It climbed to 6.05 dirhams for the first time since May 14, 2006.

"Shuaa has broken a tough resistance level at 5.50 dirhams. We see it going all the way to 8 dirhams," said Ahmed Hamdy, senior relationship manager at Prime Emirates.

Shuaa first announced plans to raise the ceiling on foreign ownership to 49% on June 24.

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