Dubai’s Drake & Scull increases GCC ownership limit to 100%
Nationals from the UAE currently hold 51.02 per cent of the company’s stock, with the remaining GCC nations owning 5.85 per cent
Drake & Scull, the Dubai-based engineering and construction company, increased the limit for which nationals from the Gulf Cooperation Council (GCC) can hold their shares to 100 per cent from 49 per cent, it said on Thursday.
The move was effective from Thursday, it said in the statement.
Nationals from the United Arab Emirates currently hold 51.02 per cent of the company’s stock, with the remaining GCC nations, which include Bahrain, Kuwait, Oman, Qatar and Saudi Arabia, owning 5.85 per cent, according to bourse data.