Abu Dhabi’s Emirates Driving raises foreign possession restrict to 49%

Emirates Driving Corporation, an Abu Dhabi-based driving and road security institute, will make it possible for foreign investors to buy up to 49 per cent of its shares.

“This action will assist us extend and diversify our investor base … which boosts liquidity in the Abu Dhabi economic markets,” said performing chief executive Khaled Al Shemeili on Sunday, in a filing to the Abu Dhabi Securities Exchange.

“We are working to catch the attention of foreign traders, which include men and women and institutions, to obtain our shares.”

The determination by the board to approve the maximize is in line with an Abu Dhabi initiative to entice more overseas investment into its economic climate.

Emirates Driving Enterprise is the only driving institute in the emirate.

The organization, which is partly owned by the federal government of Abu Dhabi, was set up in 2000 and shown in 2005, in accordance to its profile on the ADX.

The driving institute is portion of the mobility and logistics portfolio of the emirate’s keeping corporation ADQ.

Emirates Driving Business delivers driving lessons and issues licences to thriving candidates. It also delivers driving programs for gentle and weighty motor vehicles, bikes and machinery.

It trained about 55,000 candidates who received a licence even throughout the Covid-19 pandemic.

Emirates Driving is the hottest UAE enterprise to either open up to international traders or boost the number of shares they can have.

Quite a few banking institutions in the UAE, the 2nd-biggest Arab economic system, have elevated foreign possession boundaries after the place eased its foreign possession constraints.

The ADX reported in January that it programs to double its market place capitalisation more than the up coming three many years through its new “ADX One” approach, which aims to enhance sector liquidity and improve market effectiveness.

The ADX is the second-major inventory exchange in the Arab world right after Saudi Arabia’s Tadawul.