Government move on Etisalat aimed at increasing capital flows | GulfNews.com:
"The move by etisalat, UAE’s biggest telecom company, to open for foreign investors comes close to the milestone event in Saudi Arabia, which opened its equity markets for foreigners, is meant to increase capital flows in the background of lower crude oil prices, analysts said on Wednesday.
On Wednesday, the telecom operator extended gains to hit an upper circuit for a second day in a row, helping sentiment across the board in Abu Dhabi Securities Exchange.
“We welcome the move and we expect more investors to buy the stock. It follows Saudi Arabia, where capital markets are also being liberalised. The UAE and the GCC as a whole will no longer be a significant capital exporter, given lower oil prices, and these moves help to increase capital inflows,” Jaap Meijer, managing director at Arqaam Capital told Gulf News."
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