"According to article (2-7) from the company's charter and founding principals; the Board was within its legal rights to allow non - UAE nationals ownership of a certain percentage of the company's share, as the law regulates," said Mr. Saeed Eid Al Ghafly, Chairman of Sorouh's Board of Directors.
"In accordance to the company's interest, Sorouh's Board of Directors has voted to allow non-UAE nationals to own 20 per cent of the company's shares, which is both for the benefit of the company and its shareholders," he added.
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Real Estate Developer Sorouh allows foreign investors to own 20 per cent of its market cap
- United Arab Emirates: Tuesday, March 06 - 2007 at 16:15
- PRESS RELEASE
In a meeting held last night, Sorouh's board of Directors has agreed to allow foreign investors to own 20 per cent of its market cap.
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Sorouh Real Estate is the leading real estate company in Abu Dhabi. Listed on the Abu Dhabi Securities Market Sorouh was established on June 26, 2005 with a capital of AED 2.5 billion. Sorouh was established after a hugely successful initial public offering, which was oversubscribed by 176 times. In September 2005, Sorouh launched itself and its flagship project on Reem Island, Shams Abu Dhabi.Sorouh has since launched several more projects, including the Gate District and Sky Tower on Shams Abu Dhabi, the Gold Gardens, the Abu Dhabi Aviation Authority residential project, Al Shamkha national housing project, the Tala Tower and Saraya Abu Dhabi. Sorouh will also be involved in developing the Bab Al-Bahr project in Morocco.
Sorouh's corporate vision is to 'bring communities to life in perfect balance'. Its mission is to adopt best practices and add value for stakeholders through professional, innovative and an environment-friendly approach to property development. Sorouh believes that to provide life in perfect balance it should address to four core needs of human beings: physical, intellectual, social and spiritual. Sorouh's real estate projects are master-planned and designed to meet those needs.
For more information please contact:
Zaina Tahboub
Hill & Knowlton
+971 4 3344930 ext 631
Riham El Adl
Hill & Knowlton
+971 4 3344930 ext 625
Posted by Janeta Novakovic, Assistant News EditorTuesday, March 06 - 2007 at 16:15 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
This article was updated on Tue May 01 2007.
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