Dubai developer Emaar Properties is set to take up a proposal to remove restrictions on how much of the company's shares foreigners can invest in.

The company has called for shareholders to meet on September 21 to take up, among others, a special resolution approving the abolition of the minimum contribution of UAE nationals and GCC nationals in the company.

As proposed, all the company's shares will be nominal, and there will be "no shareholding limit for non-UAE nationals", according to a statement to the Dubai Financial Market (DFM) on Thursday.

Shares of the Dubai developer jumped following the announcement. Emaar Properties went up by 3.35% to AED6.18 ($1.68) as of 11:46am local time.

Under the current ownership rules, foreigners can own up to 49% of Emaar's shares.

Shareholders are also expected to take up a recommendation to increase the company's share capital to more than AED8.8 billion by issuing 659,050,967 fully paid-up shares at a nominal value of AED1 per share.

(Reporting by Cleofe Maceda; editing by Daniel Luiz)