Dubai-listed logistics and courier giant Aramex has announced it will raise the company’s foreign ownership limit from 49 percent to 100 percent as it embarks on the next stage of its growth and expansion strategy. 

The board of directors approved on Wednesday a resolution to amend the company’s articles of association to remove restrictions related to foreign investment, making Aramex the first onshore UAE company listed on Dubai’s local bourse to allow full ownership of its free-floating shares by foreign investors. 

“This decision comes in line with Aramex’s global growth ambitions and commitment to unlock greater value for all shareholders,” the company said in a disclosure on the Dubai Financial Market (DFM), where its shares trade. 

Owned by ADQ's Abu Dhabi Ports, the company said that by removing foreign ownership limits on its stock, investors will gain the opportunity to invest in Aramex, “as it embarks on the next stage of growth and expansion”. 

The decision is still subject to approvals from the Securities and Commodities Authority and all other relevant regulatory authorities. 

Aramex had earlier said it is looking to expand its global footprint and further tap into the e-commerce market this year. 

(Reporting by Cleofe Maceda; editing by Seban Scaria)