Abu Dhabi: Dubai-based developer, Deyaar Development, received on Monday approval from local authorities to allocate 25 per cent of share capital to foreign investors.
The Dubai Financial Market approved and activated the resolution on Monday.
The step comes following a recommendation by the Board of Directors that was approved by shareholders in the meeting held on April 3.
The company currently allocates 49 per cent of shares to GCC citizens and foreign investors. However, foreign ownership must not exceed 25 per cent of total shares.