UAE telecoms operator Etisalat to allow foreign share ownership

DUBAI: Etisalat, the UAE’ former telecoms monopoly, is lifting a ban on foreign ownership of its shares, with a new cap set at 20 per cent of its stock, the company said on Monday.

The telecoms operator did not state in its bourse filing when the new limits would take effect.

Etisalat added that Emirates Investment Authority, a UAE government fund that owns 60 per cent of the business, had no intention of reducing its etisalat stake for the time being.