The UAE’s Aldar Properties is raising its foreign ownership limit (FOL) from 40% to 49% effective immediately.

According to the Abu Dhabi-listed property developer, the change follows the completion of all regulatory formalities and shareholder approval at Aldar’s 2018 Annual General Meeting, held last month.  

Aldar’s chief executive officer Talal Al Dhiyebi commented: “Active engagement with international investors has been an important focus for Aldar over the past few years, and we have seen significant growth in our international shareholding over this time.

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“The increase in our foreign ownership limit to 49% will support further growth in our international shareholding, as well as providing greater liquidity in the stock as we embark on our growth strategy within Abu Dhabi and beyond.”

The increase in the FOL was implemented by the Abu Dhabi Securities Exchange (ADX).