Emirates Telecom may invest up to $5 bln in Africa
Link: Emirates Telecom may invest up to $5 bln in Africa
Another Link: Etisalat to invest up to $5bn in Africa
Etisalat, the second-largest Arab telecom company by market value, is considering new investments of up to $5 billion in Africa, it said on Monday. Etisalat, which lost its telecom monopoly at home when rival du (DU.DU: Quote, Profile, Research) launched a mobile phone network in February, took over Zanzibar Telecom in Tanzania last month and bought 40 percent of a new Nigerian operator in September. “We can spend between $3 (billion) and $5 billion for investing in Africa when the opportunities arise,” Etisalat Chairman Mohammad Hassan Omran told Reuters. Etisalat has spent more than $6.5 billion on foreign acquisitions in the past three years, including a 66 percent stake in Egypt’s third mobile phone firm, which started operations in May.
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