Saturday, May 07, 2005

UAE telecom competition - Gulf News

The UAE Telecommunications Regulatory Authority yesterday approved the establishment of a new telecommunications company, according to WAM.

The move effectively ends Etisalat's monopoly.

The authority's resolution to grant a licence to the new Dh4 billion telecom provider follows a federal government intention to set up a new company in which the General Pensions and Social Security Authority and other private sector shareholders hold a 40 per cent stake.

Remaining stakes will be earmarked for private sector shareholders including a public offering component.

News that the UAE will get a new telecommunications company was widely welcomed yesterday, with industry captains expecting the move to yield better services at more competitive rates.


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