Emaar, one of 12 firms listed on the Dubai Financial Market (DFM), will be the first UAE firm to offer its shares to foreigners.
The public notification of the decision took place on Saturday, stating that the decision will be effective starting September 18.
Foreign shareholders will be allowed to acquire a maximum of 20 percent of the real estate firm shares.
The decision, approved in June, received all needed approval by its shareholders. A "self-monitoring system” will coordinate and manage the trading and registration of the shares—which will not exceed 20 percent of Emaar's total capital.
The company has a total of 265 million shares, capitalized at 2.65 billion Dirhams ($722 million)—of which the government of Dubai holds 32 percent.—(Albawaba-MEBG)
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