MTC Celtel Group Launches New Growth Strategy

Tanzania's Dar es Salaam is to host one of the largest ever gatherings of business executives from the Middle East and Africa. 20 operations of the MTC group are meeting in the country this week to discuss the Group's new growth strategy - ACE (Acceleration, Consolidation, Expansion).

Speaking on the eve of the conference MTC Deputy Chairman Dr. Saad Al Barrak said MTC was supportive of President Kikwete's efforts to attract foreign investment with a particular focus on the Middle East. "Tanzania is important to the Group, therefore we are heeding His Excellency's call by holding this meeting in Dar es Salam".

Dr Al Barrak further added "We value our customers in Africa and having this event here reinforces the commitment we have to the continent, which is central to our strategy. Africa is important to us, having invested more than US$ 6 billion in less than two years on the continent since we acquired Celtel International."

MTC's new growth strategy - ACE will be the group's driving force to position it to take on the challenges of globalization. "This is the coming together of the best that the Middle East and Africa has offer in terms of empowering all our stakeholders in the countries in which we operate." said Dr Al Barrak.

Through implementation of the ACE strategy, MTC's new goals by the year 2011 are to become a company with a market capitalization of US$30 billion, exceeding 70 million customers and to attain a US$6 Billion EBITDA (earnings before interest, tax, depreciation and amortisation)."

Posted to the site on 23rd January 2007