#Dubai’s Biggest Bank Joins Rivals to Draw Foreign Investors - Bloomberg

Dubai’s Biggest Bank Joins Rivals to Draw Foreign Investors - Bloomberg:

Dubai’s biggest bank is joining Gulf competitors in an attempt to attract more foreign money.

Emirates NBD PJSC raised the cap on foreign ownership from 5% to 20% on Monday and said it will seek shareholders’ approval to double the new limit. Shares jumped to the highest level since 2007.

Lenders in the six-nation Gulf Cooperation Council are trying to broaden the base of their investors as a combination of low oil prices, slowing economic growth and geopolitical upheavals drain inflows. Shares of Qatar National Bank, the region’s largest by assets, gained almost 50% since raising foreign ownership to 49% last year. First Abu Dhabi Bank PJSC, the biggest bank in the United Arab Emirates, proposed removing the limit after raising it to 40% in February.