- FOL increased from 25% to 40% driven by strong investor demand
- Increase in FOL poised to enhance DIB weightage in FTSE and MSCI global market indices
Following all regulatory approvals received from UAE Central Bank and the Securities and Commodities Authority (SCA), DIB has today, through the Dubai Financial Market (DFM), successfully executed the increase in its foreign ownership limit (FOL) from the current level of 25% to the new enhanced one of 40%. The increase in FOL is driven primarily by strong investor demand from large foreign institutional investors and the rising confidence they have in the bank's growth ambitions. DIB is geared towards benefitting from the re-opening of the Dubai economy post the global pandemic, as global investors seek to shift their investments towards stronger and more stable financial markets.
'The UAE has been amongst the fastest economies to recover from the global pandemic, as a result of effective fiscal policies supported by world-leading vaccination campaigns and safety measures adopted', said Dr. Adnan Chilwan, Group CEO of DIB. 'Global investor community has shown strong confidence in the UAE financial and capital markets as well as DIB, which has already seen a significant uptick in terms of share price performance, since the start of this year. The increase in FOL to 40% will serve as another catalyst at a critical juncture with DIB's alignment to the fast recovering economic environment.'
'In addition, our recent H1 2021 results have demonstrated the bank's resilience in these times, with a healthy trend across all key metrics around profitability, growth, capitalization and liquidity. Supported by our strategy of fostering a customer-centric culture, we are developing into a stronger responsible institution that generates value for all our stakeholders'.
'As the UAE commemorates a remarkable year, with major economic events such as the EXPO 2020 and its golden jubilee, DIB remains steadfast in its commitments to supporting these economic ambitions whilst continuing to position itself as a leading financial hub in the region and the world'.
Dubai Islamic Bank PJSC published this content on 05 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 August 2021 06:05:14 UTC.