This amendment is being filed with the Abu Dhabi Securities Market (ADSM). After the ADSM takes the necessary steps to give effect to this amendment, non-UAE nationals would be permitted to purchase shares in Aldar after they have opened investor accounts with the ADSM and comply with the applicable rules and regulations.
This approval follows the decision taken at the Company's Extraordinary General Meeting and the resolution of the Company's Board of Directors to allow expatriates to participate in the Company's equity up to a maximum limit of 40 per cent of the capital.
Earlier by a decision issued by H.H. the Crown Prince of the Emirate of Abu Dhabi Chairman of the Executive Council it was resolved that Aldar's right to own real estate property and register it in its name will not be affected by reason of the foreign content in its equity. A representative of the Company said that the opening of the share register to non-UAE nationals marks an important corporate milestone for Aldar and its shareholders.
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Foreign equity participation permitted in ALDAR up to 40 per cent
- United Arab Emirates: Thursday, March 15 - 2007 at 10:14
- PRESS RELEASE
The Ministry of Economy has approved the amendment of the Articles of Association of ALDAR Properties PJSC permitting non-UAE nationals (including individuals, corporates, funds, authorities and companies) to own up to 40 per cent of the share capital of the Company.
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About ALDAR Properties:ALDAR Properties PJSC is a premier real estate development, management and investment company with headquarters in Abu Dhabi, UAE. The company was formed as the result of an initial Public Offering (IPO) of shares. The PJSC was created under Emiri Decree No 808 of 2004. ALDAR Properties PJSC is owned by leading Abu Dhabi institutions, founder shareholders and individual investors
ALDAR Properties PJSC was created to fast track real estate investment opportunities, and to offer an opportunity to participate in the prosperity of this increasingly important industry in the UAE.
The current property portfolio includes major developments and re-developments within Abu Dhabi Emirate, such as the Central Market in Abu Dhabi, the Al Raha Beach Development ,Al Gurm Resort, Al Mamoura - the Mubadala Development Company and Environment Agency Abu Dhabi Headquarter Building in Abu Dhabi, and Al Jimi Mall Expansion in Al Ain.
For more information please contact
Sufeena Hussain
Buchanan ME
WPP Group
Tel: 04 3698558
Posted by Janeta Novakovic, Assistant News EditorThursday, March 15 - 2007 at 10:14 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 Mon Mar 19 2007.
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