DUBAI: 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.