Abu Dhabi: “The Gulf”
Etisalat Group revealed that it had met the necessary approvals to raise the ceiling of foreign ownership in its capital to 49%, noting that raising the ceiling for foreign ownership in the company’s capital has entered into force.
In a statement to the Abu Dhabi Securities Exchange, the group said: In addition to the company’s disclosure dated January 20, regarding raising the ceiling for foreign ownership (non-UAE nationals) to 49% of the capital of the Emirates Telecommunications Group Company (Etisalat Group), we inform you of the issuance of the decree-law Federal No. 1 of 2021 amending some provisions of Federal Law No. 1 of 1991 regarding the Emirates Telecommunications Group Company, which amends Article 7 of it by raising the ceiling of foreign ownership in the company’s capital to 49%. All approvals required to make the necessary amendments to the company’s articles of association have also been met.