Dubai
Pakistan’s Warid Telecom will rely on its sole shareholder the Abu Dhabi Group, headed by Shaikh Nahayan Mabarak Al Nahayan, for half a billion dollars in financing over the next five years, a company executive said on Sunday.
“Shaikh Nahyan will be our principal investor, we are not going for any external financing,” Tariq Gulzar, Warid Telecom chief financial officer, told Gulf News on the sidelines of Gitex Technology Week.
“Over the next five years we are investing over $470 million,” he added.
The Abu Dhabi Group, one of the largest foreign investors in Pakistan, set up Warid Telecom with Singapore’s SingTel, however, bought out its joint ventures 30 per cent stake for a reported $150 million last year.
On Sunday, the Warid Telecom confirmed earlier reports announcing at Gitex Technology Week it has partnered with Ericsson to be its sole supplier of 4G LTE in Pakistan. Warid Telecom currently only offers 2G.
“We have recently invested over $100 million in LTE,” Gulzar said.
Gulzar also dismissed concerns surrounding foreign investment into Pakistan following a recent spate of increased instability including terrorist attacks at Karachi’s Jinnah International Airport, a gunman firing on a plane landing at Peshawar’s Bacha Khan International Airport and anti-government protests gripping the capital.
“The instability that you are seeing they are just temporary,” Gulzar added.
“There is a clear indication that the core investors are very much interested in the market,” he added.
