Etisalat is here to stay, says UAE firm's chief
Etisalat, the Gulf's No.2 telecommunications operator, will not completely sell out of any its foreign markets, the company's chief executive said on Sunday.
The United Arab Emirates firm has a 66 per cent share in Etisalat Misr, one of Egypt's three mobile service providers, and operates in about 16 other countries in Africa, Asia and the Middle East.
Etisalat sold a 9.1 per cent stake in Indonesian mobile firm PT XL Axiata for $510 million in September, but retained a 4.2 per cent holding.
The Indonesian sale, which followed Etisalat's exit from India, was seen by some analysts as part of a broad push to trim back underperforming foreign units. But chief executive Ahmad Julfar insisted on Sunday that the company would retain its current footprint.
"We are not going to exit any markets," Julfar told reporters on the sidelines of a conference in Dubai. "We are very happy with our international operations, even Africa."
This article has been edited by Ahram Online