Deyaar allocates 25pc share ownership to foreigners
Dubai, February 15, 2014
Deyaar Development said the company board has recommended allocating 49 per cent of its share capital, open to non-UAE nationals, to GCC and foreign investors, provided that the share of capital owned by foreigners does not exceed 25 per cent.
A leading UAE-based developer listed with the Dubai Financial Market, Deyaar said this comes as part of its new expansion strategy.
The share ownership recommendation will be subject to approval of the company’s shareholders at the Extraordinary General Meeting, for which the date has not yet been confirmed, said the company in a statement.
With the UAE joining the MSCI Emerging Markets Index, it is expected that many global investors and institutions will adjust their emerging market allocations to the UAE. The move is likely to net Dh1 billion ($272 million) of fresh capital into listed companies.
CEO Saeed Al Qatami said, “Following our company’s very strong 2013 performance, the board’s decision to open share ownership to foreign investors is an important, positive step forward in positioning Deyaar internationally and broadening our ability to raise capital efficiently to continue delivering significant growth and value.”
Dubai-based Deyaar has registered exponential growth to become an industry leader in the region, with a share capital of Dh5.78 billion. It is well-positioned to play a pivotal role in the development of the region's property landscape, he remarked.
The company’s in-depth market intelligence, world-class services and unrivalled property management support for communities across diverse portfolios have firmly consolidated its pioneering status in the region’s real estate landscape.
“The board reviewed the company’s capital structure, strategic plans and needs, and determined that Deyaar is adequately capitalised to meet all future expansion and growth,” Al Qatami added.-TradeArabia News Service