The Middle East may not have been spared in the global financial meltdown, but some companies and industries are expected still to boast robust earnings and continued expansion – albeit at a more measured pace than before.
Etisalat is likely to represent one such pocket of growth. The United Arab Emirates’ state-controlled telecommunications provider is cash-rich and, despite the impact of the financial crisis, is actively looking to expand its services and make acquisitions.
Telecoms operators enjoy “stickier” demand than most consumer service providers, and Etisalat’s domination of its home market, the second-largest Arab economy, means that it is likely to continue to be a cash cow.
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