Qatar's Ezdan Gets OK To Raise Non-Qatari Ownership To 49%

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Qatar's Ezdan Gets OK To Raise Non-Qatari Ownership To 49%

Qatar-based Ezdan Real EstateEzdan Real Estate, Monday said its shareholders approved to raise non-Qatari ownership in the company to 49%.

EzdanEzdan is awaiting the regulatory authorities' approval on the move, it said in a statement on the Doha bourse Web site. The shareholders have mandated the board to agree to any further raise of the ownership ceiling in the future, the statement said.

Shareholders also approved the board's proposal to buy seven plots of land in Al Wakeer area for 171 million Qatari riyals ($47 million).

EzdanEzdan will buy the land to build over 2200 housing units, according to the statement.