UAE telecom du to consider raising foreign ownership

UAE telecom operator du is considering the increase of foreign ownership in its shares.

The company will hold a board of directors meeting on January 20 to discuss the proposal.

“This is to notify you that the company will hold a board of directors meeting at 5pm on Wednesday, 20th of January 2021, to consider the increase in the ownership percentage of non-UAE nationals in the company’s shares,” du said, in a filing to Dubai Financial Market. 

The decision adopted by the board of directors will be communicated after the meeting.

The reason, however, for considering the raise wasn’t cited.

In 2019, the UAE approved a 100 per cent foreign ownership in 13 sectors and across 122 economic activities.

Read: UAE Cabinet approves 100 per cent foreign ownership in 13 sectors