Business | Markets
Etisalat eyes Libya telecom sector
Libya has two state mobile operators, Madar and Libyana
- — Compiled from agencies
- Published: 00:00 February 14, 2012
Etisalat wants to acquire a licence in Libya or invest in one of the North African country's existing operators, its chairman told Reuters yesterday.
Libya has two state mobile operators, Madar and Libyana, while another government-linked firm Lap Green Networks is active in several African countries including Uganda and Ivory Coast.
"We have shown to the Libyan government our interest [in] the possibility to participate in the development of the telecoms market in Libya, either by a new licence or even by operating or investing in one of the existing mobile licences," Mohammad Omran said on the sidelines of an event in Tripoli.
Etisalat bid for Libya's third mobile licence in 2009, but the licence was never awarded.
Riyad Capital
Riyad Capital has raised its price target on the tele-com operator Zain Saudi's stock by nearly 40 per cent.In January, Zain Saudi said it has approval to extend the maturity of its 9.75 billion riyal ($2.6 billion) Islamic financing facility for an additional six months. The brokerage, which raised its price target on the stock to 8.90 riyals from 6.40 riyals, also expects the company to gain from strengthened balance sheet, easing capital expenditure pressure and its redirected focus on operating performance.
The brokerage maintained its "buy" rating on the stock. Shares of the company, an affiliate of Kuwait's Zain, closed at 7.35 riyals on Sunday. The shares have risen 20 per cent since the company announced the extension to its credit facility on January 28.
Saudi British Bank
Saudi British Bank, the lender 40 per cent owned by HSBC Holdings Plc, lowered provisions for bad loans in the fourth quarter by almost two-thirds.
Provisions declined to 81.7 million riyals ($21.8 million) in the three months ended December 31, from 238.1 million riyals a year earlier, according to data posted on the Saudi bourse website yesterday.
Auchan, Landmark
French retailer Auchan has held talks with Dubai-based Landmark Group for a possible joint venture in India, the Times of India reported yesterday.
India suspended plans to open its $450 billion supermarket sector to foreign firms in the face of a huge political backlash last December.
Auchan, controlled by France's Mulliez family, competes with listed rivals Carrefour and Casino. It may sign a franchise agreement with Landmark until the Indian rules are relaxed, the newspaper said citing another source.
Landmark runs the Dutch retail chain Spar in India, after the companies signed a licensing agreement in 2007. The agreement will end this year, the paper said.
Qatar Petroleum, Qapco
Qatar Petroleum and Qatar Petrochemical (Qapco) signed an agreement to build a petrochemical complex in the country's industrial city of Ras Laffan, the second such plant to be announced in the past two years. The facility will cost $5.5 billion and be completed by 2018. State-run Qatar Petroleum will control an 80 per cent stake in the plant and Qatar Petrochemical, a unit of Industries Qatar, will control 20 per cent.
Beltone Financial
Beltone Financial Holding, an Egyptian investment bank, said its board has approved selling it brokerage business and administrative building in Smart Village, a business park on the outskirts of Cairo.
Qatar Airways
The chief executive of Qatar Airways said he was confident the airline would receive delivery of its A380s from Airbus on schedule.
"We have confidence in the A380. We are going to definitely receive our A380s on schedule. We will make sure that all the problems airlines are facing [with the A380] will be resolved before we take the aircraft," Qatar Airways CEO Akbar Al Baker told Reuters yesterday at a conference on the eve of the Singapore Airshow.
Last week, European air safety officials extended checks for Airbus A380 wing cracks to the entire superjumbo fleet and said the widespread defects could pose a safety risk.
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