Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB), listed on the Abu Dhabi Securities Exchange (ADX), announced that it has discussed the removal of foreign ownership limit as a proposal during its board meeting.
This proposal has been tackled for FAB, as well as for other public companies in the UAE, the ADX-listed lender said in a statement on Sunday.
The board of directors has not reached a final decision regarding this matter.
The removal of the foreign ownership limit aims at bolstering foreign investments and capital and boosting economic growth under the UAE leadership’s vision, the bank added.
Last week, FAB posted a 4% year-on-year increase in net profits for the second quarter of 2019, recording AED 3.2 billion.
In the first half of 2019, FAB generated a net profit of AED 6.3 billion, up 4% as compared to H1-18.
