Even after years of petrodollar-fuelled growth, few Gulf companies have made an impact on the international business scene. The region’s telecommunications companies are a notable exception.
Spurred by small, increasingly saturated but lucrative and partially protected home markets – and helped by government owners – Gulf telecoms companies have embarked upon an aggressive investment and acquisition spree in recent years.
According to Dealogic, acquisitions and licence purchases by Middle East operators jumped from $6.3bn in 2006 to $27.4bn in 2007. Even though the exertions of 2007 and the deepening of the credit crunch meant expansion activity slowed last year, Middle East operators still spent a further $9.6bn on licences and acquisitions.
Gulf telecoms markets are close to saturation
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