Abu Dhabi and Legislative Procedures

federal government: The federal government is lifting the restriction on condition that foreign ownership of Etisalat doesn’t exceed 20 per cent, the company said in a statement on 22 June, according to Business Week. The change will come into force after additional legal and legislative procedures, it said on 23 June. The stock jumped 15 per cent, the most permitted in a day, to 13.80 dirhams in morning trading in Abu Dhabi. Lifting the restriction means Etisalat may be considered for inclusion in MSCI Inc. emerging markets index, EFG-Hermes Holding said in an e-mailed note to clients. The phone operator shares have climbed 39 percent this year, making them the third-best performer on Abu Dhabi 64-member ADX General Index of equities. The company could account for 0.14 per cent of the gauge and see about $360 million in passive inflows from inclusion, according to the Cairo-based investment bank. (news.financializer.com). As reported in the news.