Dubai: Foreign investors can pick up to 40 per cent in Abu Dhabi Islamic Bank from today. The earlier limit was set at 25 per cent.
Banking stocks in the UAE have been leading the way in raising foreign ownership limits. “In terms of trading volumes, the ADIB move will generate higher activity,” said one trader. “But in terms of prices, we are not expecting much movement, at least initially.”
As of now, foreign owners have a 3.78 per cent ownership in ADIB, while GCC nationals own a further 1.78 per cent. Another 3.78 per cent is with other Arab nationals.
On Tuesday, ADIB’s share price will start at Dh3.78. Its market capitalization is at Dh13.72 billion.