PHOTO
- Increase in FOL poised to enhance DIB weightage in FTSE and MSCI global market indices
Dubai, United Arab Emirates: Following all regulatory approvals received from UAE Central Bank and the Securities and Commodities Authority (SCA), DIB has today, through the Dubai Financial Market (DFM), successfully executed the increase in its foreign ownership limit (FOL) from the current level of 25% to the new enhanced one of 40%. The increase in FOL is driven primarily by strong investor demand from large foreign institutional investors and the rising confidence they have in the bank’s growth ambitions. DIB is geared towards benefitting from the re-opening of the Dubai economy post the global pandemic, as global investors seek to shift their investments towards stronger and more stable financial markets.
“The UAE has been amongst the fastest economies to recover from the global pandemic, as a result of effective fiscal policies supported by world-leading vaccination campaigns and safety measures adopted”, said Dr. Adnan Chilwan, Group CEO of DIB. “Global investor community has shown strong confidence in the UAE financial and capital markets as well as DIB, which has already seen a significant uptick in terms of share price performance, since the start of this year. The increase in FOL to 40% will serve as another catalyst at a critical juncture with DIB’s alignment to the fast recovering economic environment.”
“In addition, our recent H1 2021 results have demonstrated the bank’s resilience in these times, with a healthy trend across all key metrics around profitability, growth, capitalization and liquidity. Supported by our strategy of fostering a customer-centric culture, we are developing into a stronger responsible institution that generates value for all our stakeholders”.
“As the UAE commemorates a remarkable year, with major economic events such as the EXPO 2020 and its golden jubilee, DIB remains steadfast in its commitments to supporting these economic ambitions whilst continuing to position itself as a leading financial hub in the region and the world”.
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
