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Etisalat May Open Shares to Foreign Investors

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UAE based Etisalat has confirmed that it is in talks with the government regarding the ban on foreign investors owning shares in the company.

Although listed on the stock exchange, only UAE nationals are allowed to own shares in the telecoms group. The company is one of 15 listed companies which has bans on foreign shareholders, mainly in financial and infrastructure based industries.

The government still owns a 60% stake in the company, which has caused problems in the past with overseas investments being held up by concerns about a government controlled company investing in a foreign company. 

"Etisalat Group is currently in discussion with the United Arab Emirates Government with regards to foreign ownership and trading," Ahmad Abdulkarim Julfar, the group chief executive of Etisalat said.

Without going into details, he told the Al Khaleej newspaper he expected the ban to be lifted "soon".

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Tags: etisalat  United Arab Emirates