Etisalat may allow foreign share ownership, report says

The United Arab Emirates may soon allow foreign investors to buy shares in the country’s leading telecoms operator, Emirates Telecommunications Corporation (Etisalat). The National cites Etisalat’s chief executive, Ahmad Abdulkarim Julfar, as saying that that the operator has provided recommendations to the government and the Emirates Investment Council on amending the law to lift the ban on foreign ownership of the company’s shares, but he did not say how many shares overseas investors would be allowed to own. ‘Etisalat believes opening the door for foreign ownership provides a more competitive business environment and allows for the further development of the telecommunications sector,’ he said. The government holds a 60% stake in Etisalat, the country’s largest fixed line and mobile operator by subscribers.