Aug 03 2007 |
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etisalat looks at Qatar and Algeria expansion
Friday, Aug 03, 2007
Gulf News
Dubai: etisalat is gearing up for bidding wars in Qatar and Algeria this year in markets where the results could tip the scales in the battle for supremacy among the region's telecom operators.
etisalat 's general manager of International Investments, Jamal Al Jarwan, said its first priority would be the new licence in Qatar, which will end the monopoly of incumbent operator Qtel .
As of December 2006, etisalat was sitting on a war chest of Dh10.3 billion in cash reserves.
In addition, etisalat plans to bid on the sale of a government-owned stake in Algerie Telecom , in a country of 33.5 million residents with just a 47 per cent mobile penetration rate.
In January, etisalat said it was prepared to spend as much as $3 billion for the Algerie Telecom sale.
Yesterday, Arabic press, citing Algerian government sources, said the number of regional and international telecom operators bidding for the Algerie Telecom stake had reached 45, including Kuwait-based MTC Group .
"There is no doubt Algeria is an attractive market," Al Jarwan told Gulf News. "We will monitor the situation closely but we have not made a final decision."
Al Jarwan said he wanted to ensure the Algerian auction is more favourable than in previous North African shares where etisalat had sat out.
The company is still waiting to learn the size of the stake the government planned to sell. Reports have varied between 35 per cent and 51 per cent.
"We're looking at 51 per cent. If this is declared, we'll consider this seriously," he said.
For etisalat , acquiring a part of Algerie Telecom represents an opportunity to extend its regional network in North Africa, and create links with other etisalat units to add value to the company and its customers.
© Gulf News 2007. All rights reserved.
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