Thursday, 25 August 2022

#Dubai News: Emaar Board Recommends Removing Foreign Ownership Cap on Shares - Bloomberg

Dubai News: Emaar Board Recommends Removing Foreign Ownership Cap on Shares - Bloomberg

Emaar Properties PJSC’s shares rallied after its board recommended removing a cap on the amount of the Dubai developer’s shares that foreigners can own.

Shareholders will consider the proposal at a meeting on Sept. 21, according to a statement. The foreign-ownership limit is currently set at 49%. Shares in the firm advanced as much as 4.7% at the open before trimming gains to 3% by 10:12 a.m. local time.

JPMorgan Chase & Co, Goldman Sachs Group Inc. and BlackRock Inc. are among the firm’s foreign owners, according to data compiled by Bloomberg. The stock is included in major global benchmarks tracking developing-nation equities, including the widely-tracked MSCI Emerging Markets Index.

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