Etisalat foreign shareholder limit raised to 49%

Etisalat Group of the United Arab Emirates (UAE) says it has raised its foreign ownership limit from 20% to 49% after receiving all the necessary approvals for the move. The telco’s board voted to implement the change in January this year, while local rival Du announced a similar plan the same month. The increase in non-UAE ownership will enable the operators to sign partnerships with strategic international investors. Etisalat Group is currently 60% owned by the UAE government, with the remainder distributed.