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du increases foreign ownership limits to 49%

du increases foreign ownership limits to 49%
The UAE nationals are allowed to hold shares up to 100%
DU
DU
-1.01% 6.89 -0.07

Dubai – Mubasher: Emirates Integrated Telecommunications Company (du) has raised the foreign ownership limit up to a maximum of 49% of its share capital.

The UAE nationals and wholly-owned UAE establishments, companies, and authorities are also allowed to hold shares in the company up to a maximum of 100%, according to the company's disclosure to the Dubai Financial Market (DFM) on Tuesday.

Meanwhile, telecommunication companies are not permitted to own shares in du.

It is noteworthy to mention that in 2020, du reported a decrease in net profits to AED 1.44 billion, compared to AED 1.73 billion in the earlier year.