Emaar’s 100% foreign ownership to become effective next week

From October 25, there will be no shareholding limit for non-UAE citizens in owning company's shares

Emaar Properties reported a more than 100 per cent jump in its second quarter profit. Bloomberg

Dubai’s biggest listed developer Emaar Properties' new rule to allow 100 per cent foreign ownership will become effective from next Tuesday.

The company amended the percentage of foreign ownership of the company’s shares to become 100 per cent instead of 49 per cent following approvals from shareholders as well as the Securities and Commodities Authority and Dubai Economy and Tourism Department, it said in a statement on Thursday to the Dubai Financial Market where its shares are traded.

“All the company’s shares are nominal, and there is no minimum shareholding for UAE nationals and GCC nationals in the company, and there is no shareholding limit for non-UAE nationals,” Emaar said.

The company first announced the changes following its general assembly on September 21.

Emaar, which is known for building Burj Khalifa, the world’s tallest tower in Dubai, reported a more than 100 per cent jump in its second-quarter profit attributable to owners of the company to Dh2.06 billion ($561.3 million), as revenue during the period rose 8 per cent year-on-year to Dh6.94bn.

Last month, the company also received shareholder approval for the acquisition of Dubai Creek Harbour from Dubai Holding. As part of the deal, Emaar agreed to fully acquire Dubai Creek Harbour from Dubai Holding for Dh7.5bn.

It also last month sold its stakes in fashion retailer Namshi to Noon, an e-commerce company.