Dubai’s Drake & Scull increases GCC ownership limit to 100 pct

A crane on a construction company on a high-rise building in Dubai, United Arab Emirates, Wednesday, July 2, 2014. (AP)

Drake & Scull, the Dubai-based engineering and construction company, increased the limit for which nationals from the Gulf Cooperation Council (GCC) can hold their shares to 100 percent from 49 percent, it said on Thursday.

The move was effective from Thursday, it said in the statement.

Nationals from the United Arab Emirates currently hold 51.02 percent of the company’s stock, with the remaining GCC nations, which include Bahrain, Kuwait, Oman, Qatar and Saudi Arabia, owning 5.85 percent, according to bourse data.

Last Update: 06:46 KSA 09:46 - GMT 06:46