At the end of October, on the 25th, Emaar Properties, a well-known Dubai developer, the leader of the premium market of the emirate and one of the largest construction companies in the region, had the opportunity to completely transfer to foreign ownership, if there are suitable international investors.
Previously, there was a restriction for Emaar, according to which foreigners could own only 49% of the shares giving control over the company from the total number of such assets. Thanks to the approval of the Dubai Stock Market Commission (Securities and Commodities Authority) and the Dubai Department of Economy and Tourism (Department of Economy and Tourism), this bar has reached 100%.
All shares of the company are registered and there are no restrictions and «minimum thresholds» for both UAE citizens, GCC citizens and international investors. The permit from the authorities of the emirate came into force before the opening of the stock market on the morning of October 25.
Such changes are on a par with other actions of Emaar on the development of the company, committed in recent months.
Thus, the agreement on the abolition of minimum thresholds for citizens of the UAE and the GCC was adopted internally by the company on September 21. The decision to acquire Dubai Creek Harbour from Dubai Holdings was also approved. At the same time, Namshi Holding was sold to Noon AD Holdings.
During the same period, the founder of Emaar Properties, Mohamed Alabbar, entered into an agreement with an elite fashion retailer to acquire more than 50% of shares in YNAP, a retailer in the e-commerce sector owned by the Swiss holding Richemont, engaged in the sale of luxury goods.
Thus, Emaar Properties is increasingly expanding its presence in the luxury goods and real estate market.
