In the Arab Gulf, it’s not just harassed businessmen who depend on BlackBerrys. Young people see the smartphones, and their social networking potential, as a way round conservative strictures. And the phone revolution doesn’t stop there: between 2007 and 2009, telecoms usage grew more in the Middle East (31.8-per-cent growth) than it did in Asia Pacific (23.6 per cent), according to independent research for the Middle East’s largest handset distributor, Axiom Telecom.
Axiom is hoping that all this can power its own initial public offering next month - the first new listing in the United Arab Emirates for two years. The company can point to a lucrative deal with BlackBerry-maker RIM. But even in the BlackBerry-loving Gulf, the margins are very tight.
Axiom Telecom will list 35 per cent of its shares on the Nasdaq Dubai in December. According to the prospectus, the group - owned by two family companies and troubled conglomerate Dubai Holding - has an agreement with RIM UK to source BlackBerry handsets direct from the manufacturer. The companies hopes that will double margins on smartphone sales, which are forecast to grow across the region by 41 per cent through 2014.
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