Abu Dhabi and Dubai Phone Operators Plan Higher Foreign Ownership

(Bloomberg) -- Etisalat and Du, the two main phone operators in the United Arab Emirates, may raise foreign ownership in their shares, joining companies listed in Abu Dhabi and Dubai seeking to attract more overseas investment.

The boards of both companies will meet on Jan. 20, according to regulatory filings.

While they didn’t give a reason for considering higher foreign ownership, the UAE has accelerated efforts to attract investment into an economy reeling from the coronavirus and a decline in oil prices. Companies such as Abu Dhabi National Energy Co., First Abu Dhabi Bank and Emirates NBD have raised foreign ownership limits in the recent past.

The UAE said in 2019 it will allow foreigners to own 100% of businesses across industries. Etisalat, the United Arab Emirates’ biggest phone operator, first opened up to foreign ownership in 2015 with a 20% limit.