Dubai-UAE: 21 April, 2014 – Deyaar Development PJSC, the leading Dubai-based developer listed with Dubai Financial Market, today received approval from local authorities to allocate 25 per cent of share capital to foreign investors.
Dubai Financial Market approved and activated the resolution on 21 April, 2014.
The step comes following a recommendation by the Board of Directors that was approved by shareholders in the Extraordinary General Meeting that was convened on 3 April, 2014.
The company currently allocates 49% of shares to GCC citizens and foreign investors. However, foreign ownership must not exceed 25% of total shares allocated. Emiratis, meanwhile, enjoy unlimited share allocation as long as the percentage of shares is maintained at 51% and above.
Deyaar is well-positioned to play a pivotal role in the development of the region's property landscape. The company’s unrivalled portfolio of property offerings and services continues to firmly consolidate its pioneering status in the industry.