Moody's Investors Service, considered one of the ‘Big Three' credit rating agencies in the world, have placed the credit rating of Omantel on review for downgrade as a result of the company's move to purchase a further 12.1 percent stake in Kuwait-based Zain Group for US$1.35 billion.
Etisalat announced a new international calling plan for all fixed-line home customers. The new Unlimited International Calling plan will have wide appeal in the UAE as it enables expats to remain in touch with their friends and family back home.
STC subsidiary VIVA Kuwait has been recognized as "Speedtest Award Winner 2017 - Kuwait's Fastest Mobile Network", based on Ookla's analysis of Speedtest Intelligence data in 2017, in Kuwait. Eng. Salman bin Abdulaziz Al-Badran, VIVA's CEO, received the award from Mr. Alan Kerrigan, Ookla Director, at VIVA's Headquarters.
Spanish telecoms giant Telefonica released its financial results for the January-September period, showing a profit of €2,439 million (+9.6 percent) and a free cash flow generation of €3,226 million (+ 39.2 percent). The company still faces heavy debt despite the sale of its infrastructure arm Telxius. Telefónica's debt fell by €3.646 million to €45.947 million.
US telecom giant Verizon and Ericsson reached another milestone in 4G LTE Advanced Technologies that will also serve as a stepping stone to 5G technology by completing their first deployment of FDD (Frequency Division Duplexing) Massive MIMO (Multiple Input - Multiple Output) on Verizon's wireless network in Irvine, CA.
UAE telecom company Etisalat Group, which operates and owns subsidiaries in Middle East, Africa and Asia, released its consolidated financial statement on October 25 for the three months ending 30 September. Consolidated net profit after Federal Royalty amounted to AED 2.4 billion resulting in a net profit margin of 19 percent and increased year-on-year by 29 percent. The company's consolidated revenues amounted to AED 12.9 billion.
Saudi Telecom Company (STC), Saudi Arabia's largest telecom company, announced the company's interim financial results for the period ending at 30 September 2017. The group's net income for the 3rd quarter of 2017 increased 18.2 percent compared to the comparable quarter last year, and for the 9 months period of 2017, net income reached SR 7.5 billion, an increase of 10.4 percent compared to the comparable period last year.
Etihad Etisalat (Mobily) in Saudi Arabia reported a Q3 loss, blaming a requirement introduced last year that customers had to register their fingerprint with SIM cards. The company's net losses increased by 5 percent to 174.5 million riyals ($46.53 million) it said in a statement to the Saudi bourse. Revenue also dropped 4.3 percent to 2.8 billion riyals.
Emirates Integrated Telecommunications Company (EITC), the parent company of "du" and "Virgin Mobile UAE" is working towards the introduction of VAT in accordance with the Federal Decree-Law No 8 of 2017 issued by President His Highness Sheikh Khalifa bin Zayed Al Nahyan. VAT will be applicable across telecommunications products and services at a rate of 5 percent as mandated by the Federal Tax Authority.
The acquisition of 9mobile, formerly Etisalat Nigeria, looks to be competitive, as 16 firms have submitted their interest to bid for the operator. Etisalat Group was forced to pull out of Nigeria this year after its firm couldn't come to an agreement with its lenders to restructure $1.2 billion debt after missed payments. Following Etisalat's exit, the Nigerian firm announced it had rebranded as 9mobile and said it is open to discussions with new investors.
