{"id":1966,"date":"2022-08-25T04:48:18","date_gmt":"2022-08-25T04:48:18","guid":{"rendered":"https:\/\/gulftimes.ae\/dubais-emaar-properties-to-allow-100-foreign-ownership\/"},"modified":"2022-08-25T04:48:18","modified_gmt":"2022-08-25T04:48:18","slug":"dubais-emaar-properties-to-allow-100-foreign-ownership","status":"publish","type":"post","link":"https:\/\/gulftimes.ae\/?p=1966","title":{"rendered":"Dubai’s Emaar Properties to allow 100% foreign ownership"},"content":{"rendered":"


\n<\/p>\n

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Emaar shareholders seem to have given their full approval to the latest moves by the developer, with the stock shooting past Dh6 in a 4.18 per cent climb within the first few minutes of DFM opening Thursday.<\/p>\n<\/p><\/div>\n

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The stock is now at Dh6.21, with volumes already at 12.37 million.<\/p>\n<\/p><\/div>\n

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Emaar already has 40 per cent foreign investor representation. In the UAE, Aramex, the logistics company was the first to allow up to 100 per cent foreign ownership. There are also Bahrain-headquartered GFH and IFA that have no ceilings.\u00a0<\/p>\n<\/p><\/div>\n

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The move comes to finance the Dh7.5 billion deal Emaar has entered into with Dubai Holding to acquire the whole of Dubai Creek Harbour development\u2019s land and assets. Emaar will issue a convertible bond with an aggregate value of Dh3.75 billion to Dubai Holding \u2013 or an affiliate. The mandatory convertible bond can be converted into 659.05 additional shares in Emaar.<\/p>\n<\/p><\/div>\n

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\n <\/p>\n

\n Post-consolidation, Emaar seems to be increasing growth potential for existing and, possibly, new shareholders.<\/span>
\n <\/h2>\n

– Vijay Valecha, Chief Investment Officer at Century Financial<\/p>\n<\/blockquote><\/div>\n

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It was this month that Emaar confirmed the intention to buy the whole of Dubai Creek Harbour, emerging as one of the premium residential destinations in the city. In the near future, the scope will be widened to add elements such as retail, leisure and entertainment options, etc.<\/p>\n<\/p><\/div>\n

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The Emaar stock has been recording high volumes in recent days \u2013 at the time of the Dubai Holding deal, the stock had come under pressure. Then, there was a partial bounce after Emaar spoke about the plan to sell Namshi. The stock then faced renewed pressure when the deal value – $335.20 million \u2013 was announced. On Wednesday, things seem to have settled down, with investors taking confidence from Emaar\u2019s explanation as to what it intends to do from the Namshi sale proceeds.<\/p>\n<\/p><\/div>\n

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“The convertible bond and issue of additional shares shouldn’t dilute existing shareholder prospects, as usually further additional shares are always issued by a company to ramp up growth,” said Vijay Valecha, Chief Investment Officer at Century Financial.\u00a0“Post-consolidation, Emaar seems to be increasing growth potential for existing and, possibly, new shareholders.”<\/p>\n<\/p><\/div>\n


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Emaar shareholders seem to have given their full approval to the latest moves by the developer,…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[4],"tags":[],"class_list":["post-1966","post","type-post","status-publish","format-standard","hentry","category-business"],"yoast_head":"\nDubai's Emaar Properties to allow 100% foreign ownership - Gulf Times | News by the minute<\/title>\n<meta name=\"description\" content=\"Gulf Times: Latest news across the GCC from UAE, Bahrain, Qatar, Oman, Yemen, Saudi Arabia\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gulftimes.ae\/?p=1966\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dubai's Emaar Properties to allow 100% foreign ownership\" \/>\n<meta property=\"og:description\" content=\"Gulf News| UAE's Largest News aggregator site\" \/>\n<meta property=\"og:url\" content=\"https:\/\/gulftimes.ae\/?p=1966\" \/>\n<meta property=\"og:site_name\" content=\"Gulf Times | News by the minute\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/100084981843786\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-25T04:48:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/imagevars.gulfnews.com\/2021\/03\/21\/Vijay-Mugshot-2_17853017e75_author.jpg\" \/>\n<meta name=\"author\" content=\"gulftimes\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Gulftimesuae\" \/>\n<meta name=\"twitter:site\" content=\"@Gulftimesuae\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"gulftimes\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Dubai's Emaar Properties to allow 100% foreign ownership - 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