Etisalat says $8bn bond, sukuk sale on hold

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Emirates Telecommunications Corp’s $8bn bond and sukuk program is on hold and won’t be used this year, Chairman Mohammed Omran said Monday in Amman.

The company, known as Etisalat, will revisit a plan to seek Syria’s third mobile telephone license if terms were changed, he said. Etisalat, the Middle East’s largest telephone operator, will focus on the expansion of networks in the United Arab Emirates, Saudi Arabia and Egypt and not acquisitions and new licenses, he said at a conference.

In March, Etisalat withdrew plans to bid for Syria's third mobile licence, saying the terms did not offer sufficient value for shareholders, and it has scrapped a $12bn takeover of Kuwait's Zain.

Etisalat said in May it would spend up to AED3bn ($817m) annually for the next five years on technology for 2G, 3G and 4G networks as well as for IT systems and mobile towers.

The company, which pays 50 percent of its earnings as royalties to the UAE government, said it would look to sign an infrastructure-sharing agreement with rival operator du by the year-end.

Etisalat had 7.43 million UAE mobile subscribers, 1.13 million fixed line subscribers and 0.49 million internet subscribers at the end of March.

Related:

Market Performance

Emirates Telecommunications Corporation
11.55
0.05 0.43 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
The politics of big data

The politics of big data

The UAE may be one of the fastest adopters of e-government initiatives...

Gateway to a new era

Gateway to a new era

Could Telr be the answer to start-ups’ prayers? The new three...

7 of the best accounting apps

7 of the best accounting apps

Tamara Pupic tracks down some of the best accounting apps on...

1
Most Discussed
  • 7
    Smoke-free Dubai - the big debate

    Surprisingly the only studies that show a negative financial impact of the smoking ban on the hospitality industry are sponsored by tobacco companies ... more

    Wednesday, 27 August 2014 4:19 PM - Telcoguy
  • 6
    UK politician sacked over burka binbag jibe

    The whole point is that women should dictate what they want to wear and not men. That should be the underlying motive. If a woman WANTS to wear a burqa... more

    Wednesday, 27 August 2014 1:16 PM - mick
  • 6
    UAE teens among the highest for obesity rates

    @MT3, harsh and callous as it may sound nice's analysis is spot on for expats; the impact on us is minimal. Certainly for the locals it is (rather it will... more

    Thursday, 28 August 2014 9:05 AM - Telcoguy