Emirates NBD raises foreign ownership limit

Credit: REUTERS/Steve Crisp

DUBAI, Sept 2 (Reuters) - Emirates NBD ENBD.DU, Dubai's largest bank, on Monday said it had raised its foreign ownership limit to 20% from 5%.

The bank also announced its intention to raise its foreign ownership limit to 40% in the future after seeking approvals from its shareholders and the relevant regulatory authorities.

The chairman of Emirates NBD, Sheikh Ahmed Bin Saeed Al Maktoum said in a statement the move contributes to "increased liquidity and depth in the UAE's capital markets," in addition to diversifying the bank's investor base.

Analysts have said moves by companies to raise foreign ownership limits could help boost investor appetite for the UAE stock markets this year.

(Reporting by Tuqa Khalid, editing by Davide Barbuscia)

((Tuqa.Khalid@thomsonreuters.com; +971521047568;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

More Related Articles

Info icon

This data feed is not available at this time.

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.