International Finance
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Etisalat, du raise foreign ownership caps to 49%

Previously, foreign ownership was capped a 20%

UAE-based telecommunication giants Etisalat and du have increased the foreign ownership caps from 20 percent previously to 49 percent, media reports said.

du said in a bourse filing to Dubai Financial Market, “Non-UAE nationals (whether individual or legal entities) are entitled to own shares in the company up to 49 percent of the company’s capital. Local and international telecommunication companies are not permitted to own shares in the company.

“With the exception of the shareholders of EITC holding more than 5 percent in the company’s capital as of the date of this resolution, no individual or legal entities is allowed to own (directly or indirectly) more than 5 percent in the company’s capital.”

Similarly, Etisalat notified the Abu Dhabi Securities Exchange, “Etisalat Group’s Board of Directors discussed increasing the ownership limit of the Non-UAE Nationals in the Company and resolved to increase such limit from 20 percent to 49 percent of its capital,” the company.”

Last year, Etisalat Group announced the appointment of a new chief executive officer (CEO). The telco appointed Hatem Dowidar as their new chief. Hatem Dowidar took over the company on December 16th and has 30 years of experience in multinational companies.

Dowidar was temporarily promoted to the role of International CEO in May when Saleh Al Abdooli left citing personal reasons. Dowidar joined Etisalat in 2015 and took over the role of Group COO. Previously, he held a number of roles across Vodafone Group and its subsidiaries in Malta and Egypt. He also served as the group chief of staff for Vodafone based in London, reporting to Vodafone Group CEO.

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