Dubai Investments PJSC [DFM: DIC], the leading, diversified investments company listed on the Dubai Financial Market, has raised foreign ownership limit in the company from the existing 35% to 49%. A proposal to this effect was approved by shareholders at the General Assembly Meeting held on Wednesday [November 29].
Raising the limit to 49% is part of a wider move by Dubai Investments to open up to international investors. The proposal assumes significance after the recent addition of Dubai Investments’ shares in the MSCI Emerging Market Index.
In his address at General Assembly Meeting, Sohail Faris Ghanim Al Mazrui, Chairman of Board of Directors of Dubai Investments, said: “The proposal to raise the cap to 49% of the capital was aimed at encouraging share ownership to more foreign investors. The Company feels that there is an appetite among foreign investors to invest – which is restricted by keeping the cap at 35%.”
The provisions of the special resolution to raise the limit is in line with the Federal Law No. 2 of 2015 relating to Commercial Companies. The foreign ownership cap on Dubai Investments shares was 20% from the date of its listing on Dubai Financial Market in 2000 till 2014, when it was raised to 35%.