Qtel holds a 30 per cent stake in Asiacell Communications, the consortium's operating company. With its various subsidiaries and affiliates, the Qatari firm now has a presence in 15 countries.
But Qatar Telecom is unlikely to rein in its expansion push just yet, especially as its domestic competition will shortly appear on the horizon. The company's CEO Dr Nasser Marafih has openly stated that Qtel will look to make further acquisitions in the Middle East and North Africa.
The firm has been bolstered by first half of the year revenue of $1.1bn, a 97.4 per cent increase on the previous year's figures, and the granting of a $2bn revolving credit facility which it will use to help pay for its previous acquisitions and fund additional ventures in the future.
With a report by Wireless Intelligence suggesting mobile connections in the Middle East will cross the 150 million mark this year and with the sector expanding by 25 per cent, making it the second fastest growing region on the planet, Qtel has every reason to kick on in its quest for a strong portfolio, before its own market becomes squeezed by avid competition.
See also:
ictQatar quickly changing the face of Qatar's telco sector
Qtel remains bullish as competition looms
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- Qatar: Wednesday, August 22 - 2007 at 09:59
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Jonathan Sheikh-Miller, Deputy EditorWednesday, August 22 - 2007 at 09:59 UAE local time (GMT+4)
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This article was updated on Sun Aug 10 2008.
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