Etisalat has confirmed that it has a US$3 billion investment in hand to fund acquisitions and is looking at possible targets that may be cheap in the current economic climate.
“We are watching what’s happening in the markets. We are not holding back but waiting to see what will happen. We believe there will be a lot of opportunities in 2009,” Etisalat COO, Ahmad Julfar told the Reuters news agency at a conference.
“Out of this crisis, great opportunities will come for operators with a very good financial position for mergers and acquisitions.”
Last month, Etisalat announced a 19% rise in 3rd quarter profits to US$571.7 million, along with a 23.8% rise in revenues in the quarter to US$1.8 billion.
We will come with further update on this story, and its connection with Pakistan.