Foreign equity particiaption permitted in Aldar up to 40%

Published March 15th, 2007 - 15:17 GMT

The UAE's Ministry of Economy has approved the amendment of the Articles of Association of ALDAR Properties PJSC permitting non-UAE nationals (including individuals, corporates, funds, authorities and companies) to own up to 40% of the share capital of the Company.

This amendment is being filed with the Abu Dhabi Securities Market (ADSM). After the ADSM takes the necessary steps to give effect to this amendment, non-UAE nationals would be permitted to purchase shares in Aldar after they have opened investor accounts with the ADSM and comply with the applicable rules and regulations.

This approval follows the decision taken at the Company’s Extraordinary General Meeting and the resolution of the Company’s Board of Directors to allow expatriates to participate in the Company’s equity up to a maximum limit of 40% of the capital. Earlier by a decision issued by the Crown Prince of the Emirate of Abu Dhabi Chairman of the Executive Council it was resolved that Aldar’s right to own real estate property and register it in its name will not be affected by reason of the foreign content in its equity. A representative of the Company said that the opening of the share register to non-UAE nationals marks an important corporate milestone for Aldar and its shareholders.