Abu Dhabi-listed company Al Qudra Holding is permitting non-Emiratis to own a maximum of 30 per cent of its capital as it seeks to further diversify its holdings and shareholder base.
The decision to permit foreign ownership of its shares was passed in the company's general assembly meeting on December 12 and necessary approvals were secured, Al Qudra said in a filing on Thursday to the Abu Dhabi Securities Exchange, where its shares are traded.
Non-Emiratis have already begun trading in Al Qudra shares following the receipt of approvals, the statement added.
The company plans to expand its operations and tender for projects worth Dh20 billion ($5.4bn), Sheikh Abdulla bin Mohamed bin Butti Al Hamed, chairman of Al Qudra Holding, said.
“Over the past few months, the Board of Directors has been focusing on enhancing the company’s capabilities, expanding its operations and diversifying its portfolio through acquisitions and launching new projects in various sectors. Such efforts are in line with an ambitious strategic plan that aims to put Al Qudra Holding at the forefront of the UAE’s investment sector,” the company said.
Al Qudra Holding operates across sectors including real estate, services, hospitality and diversified investments, and has 12 subsidiaries.
The group has built a large portfolio since it began operations in 2005, including Manarah Bay, a multi-use project spanning about 52,000 square metres in Abu Dhabi, and Barary Ain Al Fayda Development in Al Ain, which includes 2,500 residential units.
Last month, Al Qudra Holding completed the acquisition of Tamouh Investments from International Holding Company with consideration of mandatory convertible bonds worth Dh2.24bn, which will be converted into issued share capital of AI Qudra. The deal increased Al Qudra’s capital to Dh5.5bn.
Tamouh Investments is a primary developer of key projects in Abu Dhabi, including Marina Square, City of Lights, Fantasy Island and the Royal Group headquarters.
Earlier this week, Alpha Dhabi said it had acquired a 25.24 per cent stake in Al Qudra as part of its broader strategic investment plan.