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FINANCIAL NEWS
Etisalat to spend $2.7b on expansions
24 Feb 2010
(MENAFN) Emirates Telecommunications Corporation (Etisalat) said that it has cash reserves of nearly $2.7 billion, as it prepares for major overseas expansions over the year, Reuters reported.
Etisalat said earlier that it came close to acquire a majority stake in Iraq’s Korek Telecom in a bid to double its revenues from overseas operations in three years.
The firm’s Chairman, Mohammad Omran, said that Etisalat, the Gulf region’s second-largest telecommunications firm by market value, is planning to tap expansion opportunities this year in six different markets including Iraq, Algeria and Libya.
He said on Monday Etisalat could issue bonds to fund acquisitions, but that any decision would depend on market conditions. -Reuters
It is worth noting that Etisalat has been aggressively expanding outside the UAE since its monopoly was broken by Dubai-based du in 2007.
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