UAE telcos increase foreign ownership limit to 49%

United Arab Emirates (UAE) telcos Etisalat and Du have raised the foreign ownership limit on their shares from 20% to 49%. A report from Gulf News cites financial analysts as saying that the move will allow for strategic partnerships and invite further foreign investment – both passive and active – as the two operators look to capitalise on the country’s growing 5G market. Etisalat also has international operations across the Middle East, Africa and Asia. Currently only around 5% of Etisalat’s shares are held by non-Gulf nationals, while the level at Du is below 1%. Both telcos are majority owned by the UAE government.