Abu Dhabi – Mubasher: Aldar Properties on Sunday announced raising the Foreign Ownership Limit (FOL) for its investors to 49% from 40%.

The announcement comes after the company received all relevant regulatory approvals.

The FOL raise is effective Sunday, 15 April, Aldar said in a statement.

Aldar’s CEO Talal Al Dhiyebi stressed that the FOL raise would “support further growth in [the company’s] international shareholding,” noting that it would also offer higher stock liquidity in the future.

Shareholders of the Abu Dhabi-based real estate company had approved the decision in their annual general meeting (AGM) held on 21 March 2018.

“Active engagement with international investors has been an important focus for Aldar over the past few years and we have seen significant growth in our international shareholding over this time,” Al Dhiyebi said.

The developer, which is listed on the Abu Dhabi Securities Exchange (ADX), regularly takes part in international investor roadshows in some of the world’s leading capital markets.

In March, Aldar, alongside other ADX-listed firms, took part in a New York roadshow where it presented its equity proposition to a broad range of institutional investors.  

Last week, the ADX-listed developer announced that it would launch the second phase of its Al Ghadeer project in Seih Sdeirah this week.

Aldar Properties last reported AED 2 billion in net profits for 2017, down from AED 2.75 billion in 2016.