Etisalat eyes new telcom licences in Syria and Lebanon

Abu Dhabi: UAE telecommunications major etisalat is eyeing telecom licences in Syria and Lebanon in line with its strategy to expand business through overseas acquisitions, a top company executive said here yesterday.

Jamal Al Jarwan, chief executive officer, International Investments at etisalat, told reporters that Syria will invite bids for a third GSM licence, while Lebanon, which has two state-owned telecom operators, wants to privatise the business. This presents an opportunity for etisalat to buy a stake, preferably a majority stake.

Al Jarwan said Libya will announce its decision on the award of its third GSM and fixed-line licence — for which etisalat is one of the bidders — by the end of the year.

"We have come to know that our bid in Libya is the best bid. There are three or may be four bidders in the race," he added.

He said etisalat had assets worth Dh69.45 billion. During the first nine months this year, the company's net profit grew 9 per cent to Dh6,847 million. Revenue for the same period rose 6 per cent to Dh22.11 billion.

"Our mission is to be one of the top 10 telecoms in the world," Al Jarwan told delegates at the conference.