Etisalat Planning $2.5 Billion in Network Upgrades by 2020
Published on: 27th Feb 2014
Note -- this news article is more than a year old.
UAE based Etisalat has set aside some USD2.5 billion to invest in network upgrades by 2020.
The Group CEO, Ahmad Julfar told Gulf News that the company expects to raise its customer base three to five fold over the same time frame. The company recently reached 150 million customers in the 15 countries where it currently operates in.
The company is focusing on its busy markets such as Saudi Arabia, Morocco, and Egypt.
"Among our expansion plans in the next few months is an investment plan with the Moroccan telecommunications company. We've already signed the deal worth $5.5 billion," Julfar said. He was presumably referring to the deal to buy a majority stake in Maroc Telecom from France's Vivendi, which is still waiting to be completed.
He also confirmed that the company has stopped investments in Libya due to the ongoing political climate, and the lack of clarity from the government about its plans for the two state-owned telcos.
On the web: Gulf News