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Qtel eyes expansion in Middle East, Asia

07 Jul 2010

(MENAFN) Qatar-owned telecoms provider Qatar Telecom (Qtel) will seek acquisitions in the Middle East and Asia despite mounting debt, the company’s chief executive said in a newspaper report.

Chief executive Nasser Marafih told the Financial Times that the company, which has already expanded into 17 countries in the Middle East, North Africa and Asia, benefits from its lucrative business in Qatar and the backing of its wealthy government, allowing it to continue to expand.

Moody’s estimates that its net debt is $9.9 billion and put the company on review for a downgrade in March.

Ratings agency Standard & Poor’s raised its rating on Qatar Telecom on Tuesday based on its upgrade of the emirate but warned that its ratings are constrained by the company’s relatively high leverage.

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