Aldar Properties has no plans to increase the limits on foreign ownership of its shares, its chairman said yesterday.
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.
Aldar closed yesterday 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.
Aldar CEO Ronald Barrot said the company is planning future projects worth Dh65bn.
Aldar will not raise foreign ownership limit