Deyaar shares surge 6% as foreigners allowed to buy more

Deyaar Development, the leading Dubai-based developer listed on Dubai Financial Market, on Monday received approval to allocate 25 per cent of shares for foreign investors.

Shares in the property developer surged by more than 6 per cent on Monday as the Dubai Financial Market approved and activated the resolution on April 21, 2014.

The step comes following a recommendation by the Board of Directors that was approved by shareholders in the Extraordinary General Meeting that was convened on April 3, 2014.

The company currently allocates 49 per cent of shares to GCC citizens and foreign investors.

However, foreign ownership must not exceed 25 per cent of total shares allocated. Emiratis, meanwhile, enjoy unlimited share allocation as long as the percentage of shares is maintained at at least 51 per cent.

Deyaar said in a media statement that it is well-positioned to play a pivotal role in the development of the region’s property landscape.

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