Long gone are the days when Middle Eastern telecommunications operators, flush with liquidity, went abroad and snapped up companies — spending over $40bn in the process — only for retrenchment to follow in the wake of the global credit crisis and the subsequent fall-out from the Dubai debt crunch.
Companies like the UAE’s Etisalat and Kuwait's Zain who spent billions to expand their reach outside their home markets were not always able to extract the value they had originally hoped for. As credit became tighter after the onset of the global debt crisis in 2008, firms had to revisit their strategies.
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