Dubai: Emirates NBD’s share prices surged on Monday morning as it announced plans to increase its foreign ownership limit to 40 per cent. The bank’s share prices jumped by 15 per cent to Dh13.15.
The rise of 15 per cent is the highest increase in share prices allowed on the Dubai bourse, and came as the bank also said it is immediately increasing the foreign ownership limit to 20 per cent from 5 per cent.
Emirates NBD said it has already obtained regulatory approvals to do so, and the increase has been implemented.
The news caused a 3.5 per cent increase in the Dubai bourse’s main index, which was at 2,854 in the first half hour of trade. Dubai Islamic Bank also saw its share prices rise by 1.76 per cent.
The news comes after First Abu Dhabi Bank (FAB) in mid-July also proposed a hike in its foreign ownership limit after the UAE government announced 100 per cent foreign ownership in certain economic sectors.