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 5 pm 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 percent foreign ownership in 13 sectors and across 122 economic activities. The 13 sectors include space, renewable energy, manufacturing industry, and agriculture, among others. There is a range of economic activities including power transformers, solar panels, and hybrid power plants covered under the new ruling.
The other areas now open to foreign ownership are hospitality and food services, information and communications, as well as professional, scientific, and technical activities.