Emaar Properties to allow 100% foreign ownership from October 25

Dubai-based real estate developer Emaar Properties’s rule to allow 100 per cent foreign ownership will become effective from October 25.

The company has obtained the approval of the Securities & Commodities Authority and Dubai Economy & Tourism to amend the percentage of foreign ownership of the company’s shares to become 100 per cent instead of 49 per cent, it said in a statement to the Dubai Financial Market on Thursday.

EMAAR – Notification from the company https://t.co/jtB9AZTeoG

— Dubai Financial Market (@DFMalerts) October 20, 2022

“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 statement read.

Emaar said that the amendment shall commence on October 25, 2022, before trading hours.

The company had 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”.

Read: Emaar Properties’ board recommends scrapping foreign ownership limit on shares

In September, Emaar Properties’ shareholders also approved the acquisition of Dubai Creek Harbour from Dubai Holding and the sale of Namshi Holding to Noon AD Holdings.

Read: Emaar shareholders approve acquisition of Dubai Creek Harbour, sale of Namshi

In related news, founder of Emaar Properties, Mohamed Alabbar and online luxury fashion retailer Farfetch, will acquire a total of more than 50 per cent stake in e-commerce player Yoox Net-a-Porter (YNAP) from Swiss luxury group Richemont.

Also read: Mohamed Alabbar to acquire stake in Yoox Net-a-Porter from Richemont