Islam News – Recent figures issued by the Abu Dhabi and Dubai financial markets on 9th December showed that the number of shares owned by foreign investors in six real estate companies listed in Emirati financial markets surged to nearly 8.4 billion shares worth around AED21.2 billion, according to WAM news agency.
The significant rise in the number and value of shares owned by foreign investors in real estate companies followed a surge in their share prices in recent months. The majority of companies listed in the country’s financial markets, including real estate companies, allow foreign ownership of up to 49 percent of capital.
Statistics from the financial markets point out that foreign ownership of Emaar Properties on 9th December, 2020, accounted for 2.54 billion shares, constituting around 35.51 percent of total and numbering 8.84 billion shares.
Foreign ownership of Al Dar Properties on 9th December, 2020, accounted for 2.083 billion shares, constituting around 26.5 percent of the total and valued at AED7.862 billion.
Foreign ownership of Damac Properties on 9th December, 2020, accounted for 2.046 billion shares, constituting around 33.825 percent of the total and valued at AED872 million while the number of shares owned by foreign investors in Emaar Development amounted to 304 million, valued at AED872 million.
The shares owned by foreign investors in Union Properties amounted to 1.032 billion shares with a market value of AED299 million, while foreign ownership of Diar Developments accounted for 419 million shares valued at AED121 million.
The level of foreign ownership of real estate companies is expected to rise further, especially in light of the ongoing rise in their share prices.