UAE’s Etisalat to open shares to foreign and institutional buyers

The UAE-based Etisalat has about 145 million subscribers across 15 countries in the Middle East, Africa and Asia. (File photo: Shutterstock)

The UAE telecommunications company Etisalat will allow foreign and institutional investors to own its shares from September 15 after its board of directors approved the new rules governing ownership.

Etisalat is worth nearly twice as much as the second-biggest listed UAE company, but its publicly traded shares can only be owned by Emiratis, and all institutions are excluded.

In June, Etisalat said it would loosen these rules to permit foreign and institutional investors to own shares worth up to 20 per cent of the company, but it said last month that these shareholders would not be granted voting rights.

Last Update: Wednesday, 20 May 2020 KSA 09:45 - GMT 06:45