Emirates NBD Bank has announced its intention to increase Foreign Ownership Limit (‘FOL’) to 40% in the future and will seek necessary approvals from its shareholders and the relevant regulatory authorities, in due course. Emirates NBD also announced the implementation of an immediate increase in its FOL from 5% to 20% after having obtained the necessary regulatory approvals and the agreement of the Emirates NBD Shareholders and Board of Directors.
His Highness Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of Emirates NBD said, “Emirates NBD is pleased to announce an immediate increase in its Foreign Ownership Limit from 5% to 20%. The Bank is also pleased to announce its intention to increase Foreign Ownership Limit to 40% in the future and will seek the necessary regulatory approvals and the agreement of the Emirates NBD Shareholders and Board of Directors. In line with our position as a strategic partner to the UAE government, we are confident that today’s announcement will contribute to supporting the vision and goals of the country’s leadership and developing the UAE as a pivotal hub in the global economy.”
His Highness Sheikh Ahmed Bin Saeed Al Maktoum added, “The announcement will strengthen the UAE’s proposition as one of the most attractive economies for foreign direct investment and contribute to increased liquidity and depth in the UAE’s capital markets. Further, the announcement is aimed at diversifying the Bank’s investor base as Emirates NBD continues to deliver value to its shareholders.”