Emaar Approves 20% Foreign Share Holding
The UAE real estate developer Emaar Properties announced on 27 June, following its general assembly, that the company would permit foreign ownership of its shares up to a maximum of 20%. The move makes Emaar the first UAE listed joint stock company to allow non-GCC ownership of its capital. Emaar is capitalized at Dh2.65bn ($722mn) and has 265mn shares, of which the government of Dubai holds 32%.
At the time of the...