Dubai Investments increased its foreign ownership limit to 35 per cent from 20 per cent with effect from yesterday, as Arabian Gulf companies compete for foreign investments.
Shares of Dubai Investments, listed on the Dubai Financial Market, closed 5.2 per cent down at Dh3.10.
The investment company had proposed raising the ownership cap following the annual general meeting in late April.
DFM data as of Sunday showed UAE nationals held 86.42 per cent of the company’s shares, GCC nationals 5.29 per cent, Arabs 3.77 per cent and foreign investors 4.52 per cent.
Dubai Investments’ move came within weeks of Qatar lifting foreign ownership caps for its publicly traded companies. Qatar Exchange, the country’s only bourse, increased it to 49 per cent from 25 per cent.
Other UAE companies that have increased their foreign ownership caps are Deyaar, Union Properties and Mashreq, as they aim to attract foreign investments following the MSCI upgrade of Qatar and UAE to emerging markets.
The company in May tied up with the French pharmaceutical company Sanofi to work together to promote a new generics portfolio in the UAE and the Middle East, via its Globalpharma subsidiary.
Dubai Investments owns about 40 subsidiaries and joint ventures in manufacturing, finance and real estate. Its major units include Glass LLC, Dubai Investments Industries, Masharie, Dubai Investment Park, DI Real Estate, and Al Taif Investment.
selgazzar@thenational.ae
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