UP shareholders to consider raising foreign ownership

May 4, 2014 11:08 am

Shareholders of Dubai’s Union Properties may consider increasing the allowed proportion of foreign ownership to 25% of shares, from its current cap of 15%, Gulf News has reported. The proposal will be added to the agenda of the company’s EGM on May 5, pending the approval of the Securities and Commodities Authority. The developer is currently 14.51% foreign-owned, with the majority of foreign shareholders being GCC nationals or other Arabs.