Established in 1976, Emirates Telecommunications Co. (Etisalat) operates, maintains and develops the national and international fixed-line network, mobile telephony and Internet access in the UAE. Etisalat also has a certain number of local subsidiaries including E-marine (100%) which is involved in submarine cable installation, maintenance and repair, E-vision (100%) which is a cable TV provider and Thuraya (35%), the Abu Dhabi based mobile satellite telecoms company.



Etisalat has been trading on the Abu Dhabi Stock Market (ADSM) since 23rd June 2002.

Etisalat's ambitious strategy to be among the top 10 telecom operators in the world by 2010 has led the corporation to an array of acquisitions during the past two years.

It now owns 35% in Etihad Etisalat - Mobily (the second GSM services provider in Saudia Arabia), 40% in Canar Telecommunications (the second fixed-line network in Sudan), 34% in fixed-line and mobile telecom services provider Zanzibar Telecom in Tanzania, 50% in pan-African mobile operator Atlantique Telecom (operates in six countries in Africa), 26% in Pakistan's largest telecom company Pakistan Telecommunication Co.

Ltd (PCTL) and a minor 9% stake in the incumbent, Sudan Telecommunications Co. (Sudatel).

In April 2004, a presidential decree cancelled Etisalat's monopoly and in October 2004 the Telecom Regulatory Authority (TRA) was set up to oversee the introduction of competition and manage the frequency spectrum in the country.


Emirates Integrated Telecommunications Company (EITC), the country second telecommunications operator, was licensed in February 2006 to operate fixed, mobile, Internet and satellite broadcasting services under the brand name 'du'.

As per the new telecom policy drawn by the TRA, EITC has to pay an upfront license fee of AED 124.5 mn whereas Etisalat does not, and both operators will have to pay AED 1 mn as renewal fee annually. EITC is expected to start operations in the second half of 2006.

Individuals	40%
Institutions	N/A
Floating	N/A
Government	60%

Director	Eisa Bin Nasser Al Serkal
Director	H.E. Abdul Rahman Al Rostamani
Director	H.E. Abdulla Ahmed Lootah
Chairman	H.E. Ahmed Humaid Al Tayer
Vice Chairman	H.E. Khalaf Bin Ahmed Al Otaiba
Director	H.E. Khalid Ali Al Bustani
Director	H.E. Mohamed Bin Obeid Al Mazrouie
Director	H.E. Salim Ali Al Mahmood
Director	H.E. Shaikh Ahmed Moh'd Sultan Bin suroor Al Dhaheri
Director	Saeed Mohammed Al Shareed

	2005	2004	2003
Total Assets	24,055,345	20,383,656	17,867,690
Shareholder's Equity	15,726,306	13,285,275	11,517,633
NIAT	13,842,200	3,417,642	2,872,618
Dividends	1,666,547	825,023	2,250,070

	2005	2004	2003
Assets Growth	18.01%	14.08%	11.24%
Earning Growth	305.02%	18.97%	16.80%
ROaA	62.30%	17.87%	16.93%
ROaE	95.43%	27.56%	26.52%
No. Of Shares	3,333,094,738	330,009,380	300,009,380
EPS	4.15	10.36	9.58
EPS Growth	305.02%	18.97%	16.80%
Payout Ratio	12.04	24.14	78.328

	Trailing
PE	8.68
PB
DVPS	N/A
Div Yield	N/A
EV	93,659,962.14
EV/Equity	5.96

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