Syriatel Mobile Telecom

SyriaTel Mobile Telecom provides mobile telecommunication and Internet services. It was established in 2001 to replace Direx Orascom Group, a BOTT venture initiated by the Syrian Telecommunication Establishment.

SyriaTel’s mobile subscribers grew by 32.7% to 3.34 million, by the end of 2007, which represents 51.4% of the market share. The increase in subscribers was due to a 46.5% increase in pre-paid subscribers from 1.8 million subscribers at the end of 2006 to 2.7 million subscribers, at the end of 2007. The increase fits into SyriaTel’s strategy to expand its mobile coverage to rural areas, a promising market that accounted for 48% of the Syrian mobile users at the end of 2006 and 54% in end of 2007.

The company’s annual revenues reached SYP39.3 billion (USD782.8 million) in 2007, a 24.19% increase from 2006. SyriaTel revenues contributed to 2.35% of the national GDP in 2007, compared to 2% in the preceding year.

SyriaTel listed 7 million shares, on July 29, 2004, to raise its paid up capital to SYP1.6 billion (USD36.1 million), through an over-the-counter IPO offering.

In 2006, SyriaTel acquired 10% of Yemen-based mobile telecom provider, HitsUnitel Mobile Telecom CompanyHitsUnitel Mobile Telecom Company, for SYP2.1 billion (USD39.9 million). SyriaTel also owns 24% of the Syrian German Telecommunication Company, which assembles and installs wireless equipment.