2.26 PM Wednesday, 17 July 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:11 05:35 12:28 15:50 19:14 20:38
17 July 2024

'No plans to raise foreign ownership'

By Abdel Hai Mohamed



Property developer Sorouh has made it clear it has no plans to raise the percentage of its shares that can be held by foreign investors.

“The maximum share of the company that can be in foreign ownership is 20 per cent,” CEO Mounir Haidar told Emirates Business. “We do not plan to raise this percentage at all.” Though the limit is 20 per cent, only 17.78 per cent is in foreign hands. An injection of foreign investment can boost a company’s share price by increasing demand for the stock.

But Haidar said Sorouh’s performance on the Abu Dhabi Securities Market did not reflect its real achievements. The company – the second largest developer in the emirate – closed at Dh10.05 yesterday, down 1.4 per cent on the day. “The achievements are represented by the launch of real estate projects with investment of up to Dh45 billion,” said Haidar. “Most of the projects have sold out.”

Haidar said Sorouh would soon launch the Dh20bn Al Ghadeer scheme on a three-million-square-metre site at Saih As Sidira on the Dubai-Abu Dhabi border. The company yesterday opened a sales centre in the capital.

Masood Al Awar, executive director of sales and marketing, said 50 per cent of buyers of Sorouh properties were nationals. Arabs from other countries and Asians accounted for 25 per cent and the rest were bought by Europeans and Americans.