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Emirates Telecommunications Group (Etisalat) has obtained the necessary approvals to allow foreigners to own 49 percent of the telecom giant’s share capital, the company confirmed on Tuesday.
With the approvals secured, the plan to increase the foreign ownership limit in their stocks to 49 percent “has come into effect”, the telecoms firm said in a bourse filing to the Abu Dhabi Securities Exchange (ADX).
Etisalat, as well as Emirates Integrated Telecommunications Company (Du), announced early this year their plans to increase the foreign shareholding limits. Etisalat had said that the move would require approvals, including changes to the company’s Articles of Association.
In its latest statement, the telecoms firm said that a provision in “Federal Decree by Law No. 1 of 2021” concerning Etisalat Group has already been amended to increase the foreign shareholding limit in the company’s capital to 49 percent.
“Moreover, all the necessary approvals for amending the company’s Articles of Association have been secured,” Etisalat said.
“Based on the above, increasing the foreign ownership limit in the company’s share capital has come into effect.”
The UAE has recently rolled out a series of initiatives to boost investment flows and help secure the country’s position as a global destination for entrepreneurs and talent. On Monday, the UAE launched a global economic campaign, “United Global Emirates” that will showcase the benefits of doing business and living in the emirates.
(Reporting by Cleofe Maceda; editing by Seban Scaria)
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