The United Arab Emirates has no plans to raise the 49 percent foreign ownership limit for listed firms, a senior economy ministry official, dashing hopes the country's bourse would be upgraded to emerging market status.
Increasing foreign ownership limits was a key criteria set out by index compiler MSCI in its review of UAE and Qatar for an upgrade to emerging market status, which could open the door to more foreign investment. Banks such as HSBC say Qatar and the UAE could see inflows of $600 million in that event.
"The companies law, the new one, will maintain the same percentage in terms of ownership," Mohammed al-Shihhi, undersecretary at the economy ministry told reporters.
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