Drake & Scull, a leading engineering and construction company based in Dubai, UAE, in a major move has increased the ownership limit for nationals from the Gulf region to 100 per cent from 49 per cent.

The move was effective from Thursday, it said in the statement.

Nationals from the UAE currently hold 51.02 per cent of the company's stock, with the remaining GCC nations, which include Bahrain, Kuwait, Oman, Qatar and Saudi Arabia, owning 5.85 per cent, according to bourse data.-Reuters