etisalat leads global
mobile operators posting fastest first-quarter
growth
July 23, 2008,
Dubai:
etisalat was recently ranked as the world's
fastest-growing mobile operator, in a study
conducted by Informa Telecoms and Media.
According to proportionate subscription growth
in the first quarter of 2008, etisalat came in
first with 106.4 per cent increase compared with
the previous quarter, achieving a proportionate
mobile subscriber base of 24.2 million across 16
markets in the Middle East, Africa and Asia.
The study ranked operator groups on the total
number of mobile subscriptions based on their
percentage ownership of mobile operators.
The second fastest growing mobile operator as
per subscriber increase was Zain, the
Kuwait-based operator that provides services in
seven Middle Eastern and 14 African countries.
The group's proportionate subscribers grew at
70.31 per cent during the period to 32.9
million.
Moody's rating
Credit ratings agency Moody's gave an 'AA2'
long-term issuer rating to etisalat, with a
stable outlook. "etisalat's 'AA2' rating is
underpinned by its strong market position in the
UAE, its track record, including a string of
acquisitions abroad, its high profitability and
solid cash flow generation, in addition to its
prudent financial strategy," said Martin
Kohlhase, Moody's assistant vice-president and
etisalat's lead analyst in Dubai.
The number of proportionate subscriptions for
the top 30 listed global mobile operators
increased from 2.19 billion in the fourth
quarter of 2007 to 2.28 billion in the first
quarter this year, according to Mark Newman,
chief research officer at Informa Telecoms and
Media.
"Their total subscription base jumped from 3.76
billion to 3.97 billion in the first quarter
2008 putting the four billion mark in sight," he
said.
"At the end of 2007, etisalat announced the
acquisition of a 15.97 per cent stake in
Indonesia's Exceldomindo, which has a subscriber
base of around 13 million. It has also seen
strong growth in the UAE as well as in Egypt and
Saudi Arabia," Newman said.
"We are on course to achieve our goal of
becoming one of the largest operators in the
world by 2010," said Mohammad Hassan Omran,
etisalat chairman.
"We are continuing to seek new opportunities in
countries where technology penetration is low
and where we see good potential for returns for
our shareholders and investment partners."
