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FINANCIAL NEWS
UAE’s Etisalat to slash 300 jobs
19 Dec 2010
(MENAFN) Faiez Awadh, Senior Vice President of Human Resources at UAE-based telecoms firm, Etisalat, unveiled its plans to slash at least 300 of 10,460 jobs, in order to reduce costs as it faces greater competition in domestic markets, Bloomberg reported.
Etisalat, the market leader in the UAE’s telecoms sector, faces rising competition from telecoms provider Du, the country’s second largest provider, with a market share valued at of 37 percent, whereas Du’s third quarter profits more than doubled last month on strong revenue growth, explained Awadh.
On the other hand, Etisalat, which has been seeking access to high-growth Middle East and African markets, including Iraq and Sudan, has lowered its bid to buy a stake in Kuwaiti telecoms carrier Zain, to 40 percent, from 46 percent, which would have given it a controlling 51 percent stake, he added.
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