Abu Dhabi’s Aldar Properties saw its share price rise on Sunday after an increase to its foreign ownership limit came into effect.
The company’s shares climbed 2.4 per cent, the biggest increase in almost a month, after it said it had completed all regulatory formalities to increase the limit for trading on the Abu Dhabi Security Exchange from 40 per cent to 49 per cent.
The move was approved by shareholders at its annual meeting on March 21.
“The increase in our foreign ownership limit to 49 per cent 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,” said Aldar CEO Talal Al Dhiyebi.
Aldar said the increase followed its participation in an investor roadshow to New York last month.
The company’s shares are still down 4 per cent so far this year.
Also in March, the company entered into a $8.2bn joint venture partnership with Dubai’s Emaar Properties amid signs of increasing cooperation between state-backed firms in the UAE’s two most powerful emirates.