FAB Shares Gain as Bank Seeks to Remove Foreign Ownership Limit - Bloomberg

FAB Shares Gain as Bank Seeks to Remove Foreign Ownership Limit - Bloomberg:

First Abu Dhabi Bank PJSC’s board proposed removing the foreign ownership limit after the United Arab Emirates started loosening rules to attract international investors. The shares advanced.

The change is subject to the supervision of regulatory authorities and would require amendments to the current laws and policies, the nation’s biggest bank said. The move has "the potential that other public companies in the U.A.E. may apply similar measures," it said.

The U.A.E. said this month it’ll allow foreigners to own 100% of businesses across industries. The federal government will leave it to individual emirates to “decide the ownership percentage in each activity according to their circumstances,” said Prime Minister Sheikh Mohammed Bin Rashid Al Maktoum. The country is made up of seven emirates, with Abu Dhabi as its capital.