By: Mahmoud Gamal

Abu Dhabi – Mubasher: The stock of First Abu Dhabi Bank (FAB) reached its highest level in three months by Thursday’s mid-session in line with the bank’s goal of raising foreign investors’ ownership and removing its limit.

By 11:40 am UAE local time, FAB rose by 6% to reach AED 15.9, its highest level since 12 May, in line with the 1.65% increase of the benchmark index of the Abu Dhabi Securities Exchange (ADX).

On Wednesday, Bloomberg reported that FAB’s board recommended removing the foreign ownership limit after the UAE started loosening rules to attract international investors.

This noticeable positive performance of FAB’s stock was expected in line with the bank’s aim to raise the foreign ownership limit from 40% to 100%, this was in addition to the bank’s profitable financial statements, capital market analysts explained to Mubasher.

FAB has acquired AED 95.44 million worth of liquidity or nearly 61% of the ADX’s total trading value which reached AED 156.95 million by that time.

The UAE announced in July that it would allow foreigners to own 100% of businesses across industries. The federal government will leave it to individual emirates to “decide the ownership percentage in each activity according to their circumstances,” said Prime Minister Sheikh Mohammed Bin Rashid Al Maktoum, as reported by Bloomberg.