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Du announces foreign ownership limit increase to 49%

February 24, 2021
telecom

DUBAI, 23rd February, 2021 (WAM) -- The Emirates Integrated Telecommunications Company (du), announced that it has raised its foreign ownership limit to 49 percent.

In a filing to Dubai Financial Market, the company said effective 23 February 2021, individual UAE nationals and wholly UAE establishments, companies and authorities can own shares in EITC up to a maximum of 100 of the share capital of EITC, while non-UAE nationals (whether individuals, establishments, or companies) can own shares in EITC up to a maximum of 49 percent of the share capital of EITC.

It added that foreign investment enquiries are also likely to be 'extensive in due course' in light of EITC's 2O2O financial results.

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