UAE’s Etisalat to open shares to foreign, institutional buyers September 15

United Arab Emirates telecommunications firm Etisalat will allow foreign and institutional investors to own its shares from Sept. 15 after its board of directors approved the new rules governing ownership, according to a statement on Sunday.

Government-run Etisalat is worth nearly twice as much as the second biggest listed UAE company, but its publicly-traded shares can only be owned by UAE nationals and all institutions are excluded.

In June, Etisalat said it would loosen these rules to permit foreign and institutional investors to own shares worth up to 20 per cent of the company, but said last month that these shareholders would not be granted voting rights.