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Abu Dhabi-based National Marine Dredging Company (NMDC) has become the latest UAE company to increase its foreign ownership limit, with foreigners now permitted to own 49 percent of its capital.
The company announced in a statement to Abu Dhabi Securities Exchange (ADX) today that the decision had been taken to increase trade, liquidity and international flows of stock.
NMDC’s most recent corporate governance report, which is for the year 2020, divides individual share ownership into Emiratis, GCC citizens, other Arab nationals and foreigners, with foreigners owning 12,754 of 250 million shares, just over 0.005 percent.
The largest proportions of shareholders were individual Emiratis, who owned more than 80 million shares and Emirati companies, owning 169 million shares.
Earlier today, Dubai-based logistics company Aramex announced that it would increase its foreign ownership limit to 100 percent.
UAE telecom companies Du and Etisalat made the announcement last year that they would increase foreign ownership levels to 49 percent in January 2021, while Dubai Islamic Bank opted to increase the limit to 40 percent in August last year.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
