UAE Phone Operators Surge on Plan to Raise Foreign Ownership
- Etisalat, UAE’s biggest telecom company, jumps to record high
- Higher cap for foreign investors may trigger passive inflows
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The two main phone operators in the United Arab Emirates surged after saying they may raise limits on foreign ownership, joining others in the region seeking to attract more overseas investment.
Etisalat and Du both rose as much as 15% shortly after the open in Dubai and Abu Dhabi, the maximum allowed by the exchanges. Etisalat climbed to a record high, while Du traded at the highest level since 2016. The shares trimmed gains to 11% as of 11:15 a.m. in the UAE.