TECOM buys into Axiom

Dubai: TECOM Investments, a member of Dubai Holding, has acquired a 40 per cent stake in Axiom Telecom, a distributor and retailer of wireless products in the Middle East.

Axiom Telecom will continue with its current management and operate independently, TECOM officials said.

The investment has been made as part of TECOM's strategic objective to tap into high-growth sectors and to create synergies for future technology projects.

Axiom Telecom claims to be the largest and leading authorised distributor and retailer for international brands such as Nokia, Sony Ericsson, Motorola, Sie-mens, Thuraya and i-mate.

The company is also service provider for Thuraya Satellite Company, providing one of the tele-communications biggest airtime generators.

Axiom has a network of 363 retail points of presence in the Middle East and announced revenues of Dh2.5 billion in 2004.

"TECOM's strategic objective is to diversify its business interests by investing in high-growth technology sectors. Axiom Telecom is one of the UAE's fastest growing companies and we look forward to a long and fruitful relationship with Axiom Telecom," said Ahmad bin Byat, Chief Executive Officer of TECOM Investments.

"This tie-up will ignite regional and international growth for Axiom," said Faisal Al Bannai, CEO of Axiom Telecom.

"It adds major value for Axiom to be a part of TECOM and its management company Dubai Holding.

"The relationship will enable Axiom to further accelerate its expansion plans and strengthen its market position using TECOM's parent company Dubai Holding's vast infrastructure which has interests in sectors such as ICT, media, tourism and more."