Shuaa Capital, a leading financial services institution in the GCC, has received approval to change its articles of association to treat GCC nationals as UAE nationals in relation to owning, dealing with and disposing of shares of the company.

The move has been approved by the Emirates Securities and Commodities Authority, the Ministry of Economy and the Dubai Financial Market, said a statement.

Iyad Duwaji, chief executive officer of Shuaa Capital said: “With mounting interest in GCC capital markets, international investors increasingly see Shuaa as a proxy for the opportunities that the GCC represent. They recognise the strong fundamental growth story of the financial sector and the reward it will create. This approval opens the door further for existing and potential investors from GCC countries and international markets to buy Shuaa Capital’s shares. We look forward to strengthening the bond and long term relations with all our shareholders.”

Oliver Schutzmann, head of investor relations of Shuaa Capital said about 21 per cent of the company’s shares are currently owned by GCC investors.

“With immediate effect, this approval frees up 21 per cent of Shuaa Capital’s shares to international investors who have been trying to buy our stock for some time. It comes in line with our goal to facilitate easy access to our shares and further diversify our shareholder base,” he said.

Foreign investors can own up to 49 per cent of the company’s shares.

Shareholders had already agreed to amend the company’s articles of association allowing GCC nationals to be treated as UAE nationals at the Extraordinary General Assembly held on June 17. – TradeArabia News Service