Etisalat UAE’s Telecom Giant Open Shares for Foreigner Individuals and Institutional Investors
Etisalat UAE’s Telecom Giant Open Shares for Foreigner Individuals and Instituti

On Saturday, in a statement Etisalat, the telecom company in UAE said that from September 15, even foreign nationals and institutional investors will be able to buy its shares. Earlier, only the residents of the emirates were permitted to buy shares of the company. Sixty percent of the telecom giant is owned by the UAE government.

Etisalat ranks as the second largest Arab telecoms firm only after Saudi Telecom. It serves one hundred and forty five million customers spread in fifteen countries.

In June the company decided to open up for possession of shares also to foreign individuals. The company also decided to give forty percent of the firms ownership into the hands of private investors.

However the company specified that under the new rules its shares would be open to "foreign individuals, foreign corporate entities, UAE free zone entities and UAE incorporated entities" but the total ownership by foreigners will not be permitted to go over twenty percent in Etisalat.

Although most stocks in the Gulf yet the share prices of Etisalat spiked by almost five percent on the news. It pushed the Abu Dhabi index which opened at a slightly rosier note compared to Dubai which slipped 1.6 percent.