Aldar will not raise foreign ownership limit

Aldar Properties has no plans to increase the limits on foreign ownership of its shares, its chairman said on Wednesday.

Speaking after his re-election as board chairman at the developer’s annual general meeting at the Emirates Palace, Ahmed Ali Al Sayegh rejected the idea of an increase in the rate of foreign ownership above the 40 per cent limit. The current level of foreign ownership is around 20 per cent.

“There are no indicators or intentions whatsoever to increase the rate of foreign ownership,” he said. “The company’s share price is excellent and going up on the Abu Dhabi Securities Market, and no increase in the rate of foreign ownership will affect it.”

Aldar closed on Wednesday at Dh11.65 a share, slightly lower on trading session. Its share price has more than doubled over the past 12 months on investor confidence.

Al Sayegh said Aldar will continue with its bond conversion policy in the light of continued demand by buyers, adding that Dh600m worth has been converted out of a total of Dh1bn. At the meeting the proposed dividend of 10 fils per share, or 10 per cent, was approved despite some protests to increase it to 15 per cent. It will be effective on March 9.

Aldar CEO Ronald Barrot said the company is planning future projects worth Dh65bn.