No company is guaranteed perpetual growth. All face the challenge of the corporate cycle, when changing external market conditions and internal dynamics have to be recalibrated and fine-tuned.
Etisalat is in such a position now. For a host of reasons, the UAE's telecommunications champion finds itself at a crossroads. The decisions it makes in the next few months will be crucial, not just for its own corporate wellbeing, but also for the UAE.
It's hard to overstate the importance of the company. It is the biggest stock on the Abu Dhabi Securities Exchange, with a capitalisation of about US$23 billion (Dh84.48bn); it is a major contributor to the UAE federal budget, via royalty payments that pulled in $2bn last year; it is a big local employer and a focus of the Emiratisation strategy, with enormous consumer interface.
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