The group chief executive of Etisalat, the most valuable company in the UAE by market capitalisation, has resigned as the company goes into restructuring.

Ahmad Julfar has left the country’s biggest telecoms operator for “personal reasons’’, the company said in a stock exchange filing to Abu Dhabi Securities Exchange where its shares are traded.

Etisalat board of directors in its meeting held on 9 March has accepted Julfar’s resignation and has appointed Hatem Dowidar as acting CEO until restructuring of Etisalat Group by the end of June this year, the company said without giving details of the restructuring plans.

Etisalat, the former monopoly, is now competing with incumbent Du in the UAE. The company has been under pressure to retain its domestic market share and has struggled with its Saudi subsidiary Etihad Etisalat’s financial troubles. The Saudi unit, known as Mobily had to restate 2014 financial results after accounting errors, which has affected the group profitability.

Julfar was appointed to lead Etisalat’s expansion into international markets as a global telecoms giant in August 2011. He had joined Etisalat in 1986 and served at various positions until he was promoted to the position of chief operating officer in 2006.

Etisalat, which allowed foreigners to own its shares last year and was subsequently included in MSCI Emerging Market Index, reported a year-on-year decline of 4 per cent in consolidated net profit to AED8.3bn ($2.3bn) after federal royalty.

Etisalat was in talks with local and international banks to raise a $2bn loan as in December but it later dropped plans to secure funds.