(Bloomberg) -- Emirates NBD PJSC, the biggest bank in Dubai, plans to open up to more foreign shareholders as the United Arab Emirates eases rules to attract international investors.

The lender intends to seek approvals from shareholders and regulators to boost its foreign ownership limit to 40%, according to a statement. The bank will also implement an immediate increase in its foreign ownership cap to 20% to 5% after having obtained regulatory approvals.

Emirates NBD’s plan comes after First Abu Dhabi Bank PJSC in July proposed removing a cap on the foreign ownership limit on its shares. The Dubai lender’s first-half profit jumped 49% as it benefited from the sale of a stake in its card payments processing unit.

Foreigners currently hold 5% of Emirates NBD shares and Dubai’s government 55.76%, according stock exchange data. The shares have gained 29% this year compared with a 9% increase in the benchmark Dubai index.

The increase in FOL “will strengthen the U.A.E.’s proposition as one of the most attractive economies for foreign direct investment and contribute to increased liquidity and depth in the U.A.E.’s capital markets,” Emirates NBD Chairman Sheikh Ahmed Bin Saeed Al Maktoum said in the statement.

To contact the reporters on this story: Arif Sharif in Dubai at asharif2@bloomberg.net;Matthew Martin in Dubai at mmartin128@bloomberg.net

To contact the editors responsible for this story: Stefania Bianchi at sbianchi10@bloomberg.net, Shaji Mathew

©2019 Bloomberg L.P.