Arab News, Saturday, Jan 23, 2021 | Jamadi Al Thani
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UAE telcos Etisalat, du raise foreign ownership to 49%
Emirates: Emirati telecom operators Etisalat and du have
raised the ownership limit of foreign nationals to 49 percent.
The announcement followed two simultaneous regulatory filings with the Abu Dhabi
Securities Exchange and Dubai Financial Market, where the companies’ shares are
traded.
Etisalat announced that its board of directors had agreed to increase the
foreign ownership of the company’s shares from 20 percent to 49 percent.
However, Etisalat indicated that a higher cap on foreign ownership would require
amending some provisions of the federal law concerning the Emirates
Telecommunications Corporation, as well as the company’s articles of
association.
This requires the approval of Etisalat Group’s general assembly and the relevant
authorities.
In a similar move, Emirates Integrated Telecommunications Company — also known
as du — announced that non-UAE nationals, whether individual or legal entities,
are entitled to own up to 49 percent of the company’s shares.
However, local and international telecommunication companies are not permitted
to own shares in the company.