DUBAI: Etisalat, the Gulf’s No.2 telecommunications operator, will not completely sell out of any of its foreign markets, the company’s chief executive said.
The UAE firm, which operates in about 17 countries in Africa, Asia and the Middle East, sold a 9.1 percent stake in Indonesian mobile firm PT XL Axiata for $ 510 million in September, but retained a 4.2 percent holding.
The Indonesian sale, which followed Etisalat’s exit from India, was seen by some analysts as part of a broad push to trim back underperforming foreign units. But chief executive Ahmad Julfar insisted yesterday that the company would retain its current footprint.
“We are not going to exit any markets,” Julfar said on the sidelines of a conference in Dubai.
“We are very happy with our international operations, even Africa.”
In Africa, Etisalat owns 66 percent of Egypt’s Etisalat Misr, 40 percent of Etisalat Nigeria and 65 percent of Tanzania’s Zantel, plus Atlantique Telecom, which has mobile licenses in six countries, and a majority stake in Sudan fixed line operator Canar.
In the UAE, du ended Etisalat’s domestic monopoly in 2007, with the smaller operator claiming a 46.5 percent share of the country’s mobile subscribers by the end of June this year.
The two operators, both majority-owned by government-linked institutions, are still at loggerheads over a network-sharing deal that would allow them to compete on fixed-line services.
Both offer fixed-line voice, broadband and television services but not in the same districts of the UAE, and an agreement was slated to be finalized by the end of 2011.
“It’s the commercial pricing between us and du only,” said Julfar.
“That’s in discussion now. It could happen this year, it could happen next year. We have not reached commercial terms yet. It could happen in one month, but it could take three to four months also.”
Etisalat will not exit foreign markets
Etisalat will not exit foreign markets
Saudi Arabia’s foreign reserves rise to a 6-year high of $475bn
RIYADH: Saudi Arabia’s foreign reserves climbed 3 percent month on month in January to SR1.78 trillion, up SR58.7 billion ($15.6 billion) from December and marking a six-year high.
On an annual basis, the Saudi Central Bank’s net foreign assets rose by 10 percent, equivalent to SR155.8 billion, according to data from the Saudi Central Bank, Argaam reported.
The reserve assets, a crucial indicator of economic stability and external financial strength, comprise several key components.
According to the central bank, also known as SAMA, the Kingdom’s reserves include foreign securities, foreign currency, and bank deposits, as well as its reserve position at the International Monetary Fund, Special Drawing Rights, and monetary gold.
The rise in reserves underscores the strength and liquidity of the Kingdom’s financial position and aligns with Saudi Arabia’s goal of strengthening its financial safety net as it advances economic diversification under Vision 2030.
The value of foreign currency reserves, which represent approximately 95 percent of the total holdings, increased by about 10 percent during January 2026 compared to the same month in 2025, reaching SR1.68 trillion.
The value of the reserve at the IMF increased by 9 percent to reach SR13.1 billion.
Meanwhile, SDRs rose by 5 percent during the period to reach SR80.5 billion.
The Kingdom’s gold reserves remained stable at SR1.62 billion, the same level it has maintained since January 2008.
Saudi Arabia’s foreign reserve assets saw a monthly rise of 5 percent in November, climbing to SR1.74 trillion, according to the Kingdom’s central bank.
Overall, the continued advancement in reserve assets highlights the strength of Saudi Arabia’s fiscal and monetary buffers. These resources support the national currency, help maintain financial system stability, and enhance the country’s ability to navigate global economic volatility.
The sustained accumulation of foreign reserves is a critical pillar of the Kingdom’s economic stability. It directly reinforces investor confidence in the riyal’s peg to the US dollar, a foundational monetary policy, by providing SAMA with ample resources to defend the currency if needed.
Furthermore, this financial buffer enhances the nation’s sovereign credit profile, lowers national borrowing costs, and provides essential fiscal space to navigate global economic volatility while continuing to fund its ambitious Vision 2030 transformation agenda.
