Etisalat looks to open up equity ownership to foreign investors

Foreign investors will be able to buy stock in the UAE’s Etisalat, according to local media reports.

Etisalat Group CEO Ahmad Abdulkarim Julfar is quoted as saying Emirates Investment Council is currently working on amending the law to allow foreign ownership of Etisalat shares. It remains unclear how much of the telco could be owned by overseas investors.

Etisalat operates in 18 countries across Asia, the Middle East and Africa. It has a presence in markets including Egypt, Saudi Arabia, Afghanistan, Sri Lanka, Niger, Central African Republic, Tanzania and Sudan.

Etisalat is currently 60 per cent owned by the government, with the remainder listed on the Abu Dhabi Stock Exchange.

Of the listed companies that do permit overseas investors, the majority have limited this to around 25 per cent, although in some cases the stakeholding is permitted to be as high as 49 per cent.