Global Trade Alert

The Federal Government of the United Arab Emirates announced that from 15 September 2015, non-UAE nationals will for the first time be  enabled to purchase shares of the largest national  Telecom Company 'Etisalat'. The maximum amount of 'Etisalat' shares  that foreign nationals will be able to own  amounts to 20%.  Nevertheless, it is relevant denoting that regardless of the lift of this foreign ownership restriction, non UAE nationals that own shares of 'Etisalat', will not be able to have any voting rights in the company. Furthermore, the government also stated that as a result of this foreign ownership barrier ease, is not planning to reduce its shareholding portion in 'Etisalat' i.e. a shareholding portion amounting to 60 per cent.