Is Etisalat Feeling the Pain?

Posted on Feb 21, 2012 in Emirates-Middle East, UAE Economy, UAE Technology

Etisalat, the UAE’s largest telco, is seeking a syndicated loan for up to $2bn for general corporate purposes. The announcement comes just days after Etisalat took a $872 m write down on its Indian operations after the announcement that it is likely to lose its Indian license. On February 9 Etisalat also announced that its annual net profit had fallen 24% down to $1.58bn. Earlier last year the telco had organized a loan of $12bn to pursue a bid for a controlling stake it its Kuwaiti rival Zain, but that deal and offer were later pulled.