Etisalat to buy stake in Iraq's Korek Telekom

08 October 2008
Etisalat, the UAE telecoms operator, will soon take a stake in Kurdish operator Korek Telecom, according to a statement by Etisalat chairman Mohammad Hassan Omran.

In September, an Etisalat spokesman said the company expected to launch mobile phone services in a new country shortly but did not name the country.

However, in a statement issued on 8 October, Omran said: "It is Iraq but it is not yet finalised. We will shortly announce it."

Korek was one of three companies to win a mobile phone licence in Iraq in August 2007. The Kurdish company, Kuwait's Zain and Asiacell, which is partly backed by the Qatari operator Qtel, each bid $1.2bn for a licence.

Etisalat chief executive officer Mohammad al-Qamzi said in February that the company was interested in buying a stake in Korek Telekom.

A MEED Subscription...

Subscribe or upgrade your current package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications