Dubai's Union Properties said on Monday that its board of directors had recommended increasing the cap on how much foreign investors can own in the developer to 25 percent.

The firm did not say from what level it was raising the limit in its statement to the Dubai stock exchange. Foreigners currently own 4.35 percent of the company, according to bourse data.

It is the latest move by companies in the United Arab Emirates and Qatar to raise their limits on foreign ownership ahead of the upgrading of their countries to emerging market status by index provider MSCI in May. The move is expected to bring in significant amounts of new international capital. – Reuters