Emaar Properties’ board recommends scrapping foreign ownership limit on shares

The board of directors of Dubai-based real estate developer Emaar Properties has recommended to remove the cap on shareholding limit for non-UAE nationals.

The company has called for a general meeting on September 21 to discuss agendas, which include “a special resolution to approve the abolition of the minimum contribution of UAE nationals and GCC nationals in the company” Emaar’s board said in a disclosure filed to Dubai Financial Market. The board has recommended authorising the board’s chairman to execute the amendment of Article 7 – that “all the company’s shares are nominal, and there is no minimum shareholding for UAE nationals and GCC nationals in the company, and there is no shareholding limit for non-UAE nationals.”

The developer’s board has also recommended a special resolution to approve the increase of the share capital of the company to Dhs8.8387bn by issuing 659,050,967 fully paid-up shares at a nominal value of Dhs1 per share. Shareholders will vote on the resolutions on September 21.

In related company news, Emaar announced that it would sell the online fashion platform Namshi to e-commerce company Noon for $335.2m earlier this month.

Read: Dubai’s Emaar to sell online platform Namshi to Noon

The deal was recently signed between Emaar Malls and Noon AD Holdings Limited, while the expected closing date is within six months of signing, Emaar said in a statement to Dubai Financial Market on August 23.  Proceeds from the transaction will be invested by Emaar into its core real estate development business.