Dubai – Mubasher: The Dubai Financial Market (DFM) on Monday announced raising the foreign ownership ceiling in Dubai-based Union Properties to 49%.
In May 2018, Union Properties’ ordinary general meeting (OGM) approved the board of directors’ recommendation to lift the foreign ownership limit to 49% from 25%.
Last month, the UAE property developer reported turning a net profit of AED 62.3 million ($16.96 million) in the full year 2018 against losses of AED 2.73 billion ($740 million) in the prior year.
Union Properties’ stock fell 1.04% to close at AED 0.38 on Monday.
