ADIB raises foreign ownership to 40% – ZAWYA

ADIB raises foreign ownership to 40% – ZAWYA

ADIB raises foreign ownership to 40% | ZAWYA MENA Edition HomeMarketsEquitiesArticleADIB raises foreign ownership to 40% This move came in response to the heightened interest from international investors in ADIB's shares    Men walk past a branch of Abu Dhabi Islamic Bank along Khalid Bin Al-Waleed Road in Dubai May 30, 2010.Abu Dhabi Islamic Bank (ADIB), a leading financial institution, has announced raising the percentage of foreign ownership to 40%, from 25%, of its issued capital effective from July 6.The announcement came after obtaining the necessary regulatory approvals from the Central Bank of the United Arab Emirates, the Securities and Commodities Authority, as well as the bank's shareholders during the Annual General Meeting (AGM) held last March, said a statement.Jawaan Awaidha Suhail Awaidha Al Khaili, Chairman of the ADIB, stated: "This move came in response to the heightened interest from international investors in ADIB's shares, as well as in line with our efforts and commitment to diversifying the bank's investor base. This milestone will help strengthen the UAE and Abu Dhabi's positions as one of the most attractive markets for foreign direct investment, through contributing to increasing cash inflows, which will benefit both shareholders and the wider stock market. This