NGI allows foreign ownership

Dubai-based National General Insurance (NGI) on Wednesday announced that it would allow 25 per cent foreign ownership of its stocks from next week.

In a statement to Dubai Financial Market, it said that all the company’s shares are nominal. The percentage of shares held by UAE nationals at a time during the existence of the company shall be 75 per cent of the share capital.

The insurance company will be open for foreign ownership from September 26.

An extraordinary general meeting was held on March 7 to approve the resolution for 25 per cent ownership.

NGI’s counter recorded not a single trade till midday on Wednesday in a negative market. It last closed at Dh8.18.

Foreigners bought DFM-listed blue-chips such as Dubai Islamic Bank, Emaar and Arabtec last week following news of their inclusion in FTSE index.

Investment bank Shuaa Capital said on Wednesday that it had been included in FTSE index, boosting its stocks by 2.8 per cent in the midday.

FTSE announced last week that it had classified the UAE as a Secondary Emerging Market.

Sameer Al Ansari, Chief Executive Officer of Shuaa Capital, said: “This is the first time that a global index provider upgrades the UAE from ‘frontier market’ to ‘emerging market’ status. The FTSE classification as Secondary Emerging Market places the UAE on a level with China, India and Russia. For investors worldwide, we expect that this positive move will raise the awareness and attractiveness of UAE listed companies, including Shuaa Capital, which are currently valued at irrationally depressed levels despite some of the strongest fundamentals globally.”

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