By: Amr Adel

Dubai – Mubasher: Dubai Investments’ shareholders have approved, during their general meeting, raising ownership by foreigners, or non-UAE residents, in the company’s capital to a maximum of 49%.

Dubai Investments’ board had originally approved the proposal in late October.

Raising foreign investors’ ownership ceiling is a step forward for Dubai Investments, particularly after the company’s stock was added to the MSCI Emerging Markets Index.

Prior to the shareholders’ approval, foreigners were entitled to owning up to 35% of the company’s capital, under article no. 7 of Dubai Investments’ articles of association.

Dubai Investments’ stock closed Wednesday down 2.38% to AED 2.46.