Dubai’s Union Properties to lift foreign ownership cap to 25%

The board of directors at Dubai’s Union Properties recommended increasing the cap on foreign ownership to 25 percent. (Photo courtesy: Union Properties)

Dubai’s Union Properties said on Monday that its board of directors had recommended increasing the cap on how much foreign investors can own in the developer to 25 percent.

The firm did not say from what level it was raising the limit in its statement to the Dubai stock exchange. Foreigners currently own 4.35 percent of the company, according to bourse data.

It is the latest move by companies in the United Arab Emirates and Qatar to raise their limits on foreign ownership ahead of the upgrading of their countries to emerging market status by index provider MSCI in May.

The move is expected to bring in significant amounts of new international capital.

Last Update: Wednesday, 20 May 2020 KSA 09:41 - GMT 06:41