Abu Dhabi based Aldar Properties recently revealed in an announcement that its 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. It in fact will be effective from Sunday April 15. It has already been implemented by the Abu Dhabi Securities Exchange (ADX).
The company has increased its FOL comes at a crucial time when prices in the Abu Dhabi real estate sector had declined by just over nine percent throughout 2017. It also coincides with a Dubai plan to allow foreign investors to own time-share properties in the city, signaling a desire to further open the UAE’s property market to overseas buyers.
Aldar also joined a host of other Abu Dhabi Securities Exchange listed companies on a road show to New York last month where it presented Aldar’s equity proposition to a broad range of institutional investors.
Talal Al Dhiyebi, CEO of Aldar commented, “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. 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.”
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