By Lubna Hamdan
Al Tayer, the UAE's Minister of State for Financial Affairs, will replace Essa Al Suwaidi who resigned for personal reasons
Etisalat majority shareholder Emirates Investment Authority on Tuesday appointed Obaid Humaid Al Tayer as chairman of the telco giant.
Al Tayer, who is also the UAE’s Minister of State for Financial Affairs, will replace Essa Al Suwaidi, who resigned for personal reasons, with immediate effect.
The new chairman also served as a member of the board of directors at Etisalat from 1981 to 1991, and was previously the chairman of Dubai Chamber of Commerce & Industry and member of Dubai Economic Council, as well as a member of the Dubai Municipal Council and the Federal National Council.
The Etisalat Group’s consolidated net profit for the first nine months of 2019 amounted to AED6.7 billion ($1.82 billion), up 2.1 percent on the same period last year.
Aggregate subscriber base reached 148 million, representing an annual increase of 5 percent while nine-month consolidated revenues reached AED38.8 billion, the UAE-based telco said in a statement.
It said its highlights during the first nine months of 2019 included the launch of MENA’s first 5G roaming agreement, making 5G connectivity available in the world’s tallest tower Burj Khalifa.