Dubai - Mubasher: Emirates NBD Bank, a leading bank based in Dubai, on Monday announced it plans to raise foreign ownership limit (FOL) to 40% in the future.
The bank aims to obtain all the necessary approvals from its shareholders and the relevant regulatory authorities in due course, according to a press release.
The Dubai government-owned bank also revealed it has implemented an immediate increase in its FOL to 20% from 5% after getting the required regulatory approvals and the agreement of its shareholders and board of directors.
Chairman of Emirates NBD Ahmed Bin Saeed Al Maktoum commented: “In line with our position as a strategic partner to the UAE government, we are confident that today’s announcement will contribute to support the vision and goals of the country’s leadership and developing the UAE as a pivotal hub in the global economy.”
“The announcement will strengthen the UAE’s proposition as one of the most attractive economies for foreign direct investment and contribute to increased liquidity and depth in the UAE’s capital markets. Further, the announcement is aimed at diversifying the Bank’s investor base as Emirates NBD continues to deliver value to its shareholders,” Al Maktoum added.
