The United Arab Emirates’ telecoms giant, Etisalat, has announced a plan to open its shares to foreign individuals and institutional investors starting from September 15.

This will be the first time in the UAE firm’s history that foreign investors will be allowed to buy its shares, a statement issued by the company said on Sunday.

Etisalat, which is the second largest Arab telecommunications company after Saudi Arabia’s Telecom, serves 145 million customers in 15 countries.

Up to the present time, only Emirati individuals were allowed to own the shares of the company, which is 60 percent owned by the UAE government.

Etisalat decided in June to open up ownership of the 40 percent of the firm, which is currently in private hands, to foreign individuals and investors.

"Trading in Etisalat Group's shares on the Abu Dhabi Stock Exchange by non-UAE individuals ... will start on Tuesday, September 15, 2015," said a statement issued by the company’s board of directors.

The statement specified that under the new rules, shares would be open to "foreign individuals, foreign corporate entities, UAE free zone entities and UAE incorporated entities."

Total foreign ownership in Etisalat, however, will not be allowed to exceed 20 percent.

The revelation caused the price of Etisalat’s shares to rise by about 5 percent, pushing the Abu Dhabi index to open slightly up, at a time that the stock market in neighbouring Dubai dropped 1.6 percent.