The first cooperation investment fund in the U.A.E. allows increased foreign participation

An official in the International Bank of Emirates said yesterday that the first cooperation investment fund in UAE raised the participation limit of foreigners in it from 20% to 49%. This came in response to the great foreign interest in participating in the fund.

The bank run the Share Fund of Emirates. The official added that in the beginning, the bank set foreign participation at 20%, but after receiving the subscription applications it had to change its decision.

The Companies Act in UAE allows 49% foreign participation. The bank's decision reopened subscription in the fund's shares, which were temporarily closed after their subscription exceeded the 20% limit, to the foreign applicants.