Deyaar shareholders approve foreign investor move

Company says upgrade of Dubai Financial Market will attract more cash

NEWS, Business

Shareholders of Dubai-based developer Deyaar have approved a plan to offer up to 25% of its shares to overseas investors.

The move, which is aimed at broadening the firm's investor base following a decision to upgrade the UAE's markets to the MSCI Emerging Markets Index, was approved at an extraordinairy general meeting on Thursday, 3 April.

The company's CEO, Saeed Al Qatami, said: “For us at Deyaar, our shareholders’ interest takes top priority. With the UAE joining the MSCI Emerging Markets Index, it is expected that many global investors and institutions will adjust their emerging market allocations to the UAE.

"We are confident, once implemented, the investor allocation will have a positive impact on the overall trading of the company’s shares.”

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