UAE's Etisalat sees jump in overseas revs by 2013
DUBAI, March 9 (Reuters) - Emirates Telecommunications Corp (ETEL.AD) (Etisalat) sees its revenues from overseas operations reaching as much as 30 percent by 2013 as it continues with acquisitions and international expansion, a company executive said on Tuesday.
"Our target is in three years (to generate) 25-30 percent of revenues from international operations, but I think it might be faster that that," Group Chief Strategy Officer Ali al-Ahmed told reporters on the sidelines of an industry conference.
About 10 percent of the group's revenues currently come from its 18 overseas operations, which include Tanzania, India, Egypt and Saudi Arabia.
Etisalat, the Gulf Arab region's second-largest telecommunications firm by market value, has been aggressively expanding outside the United Arab Emirates since its monopoly there was broken by Dubai-based du (DU.DU) in 2007.
The company, which has cash reserves of about $2.7 billion, said on Feb. 18 there were six markets in the Middle East and North Africa that it was investigating, both for acquisitions or for new licences. [nLDE61H10V]
"There will be acquisitions (in 2010)," Ahmed said, declining to be more specific. "The pie will be bigger." Etisalat shares were up 0.8 percent at 0805 GMT, outperforming the broader Abu Dhabi index .ADI.
(Reporting by Tamara Walid; Writing by John Irish; Editing by Jason Benham and Rupert Winchester)
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