Complex Made Simple

UP may increase foreign ownership limit

Khalid bin Kalban, chairman of Union Properties has said the Dubai-based developer is to seek board approval to increase the percentage of shares which foreign investors are allowed to hold in the company, Reuters has reported. "We are studying how much we could increase (the foreign ownership limit) to and will recommend to the board by December," bin Kalban said. Currently, non-UAE nationals can own up to 15% of the developer, a favourite stock among retail investors on the Dubai Financial Market.