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Oct 30, 2014

Saudi firm Mobily delays earnings to review financial statements

DUBAI, Oct 30 (Reuters) – Saudi Arabia’s Mobily
asked for its shares to be suspended and postponed publication
of its quarterly earnings on Thursday, seeking more time to
review unspecified “significant matters” in its financial

Mobily, 28 percent owned by United Arab Emirates’ Etisalat
and formally called Etihad Etisalat, had been expected
to report its third-quarter results last Sunday or Monday.

Oct 29, 2014

UAE telco Etisalat Q3 net profit rises less than expected

DUBAI, Oct 29 (Reuters) – Abu Dhabi-listed Etisalat
reported a 22 percent rise in third-quarter net profit
on Wednesday, missing analyst estimates despite rising domestic
income, lower taxes and the firm’s takeover of Maroc Telecom
bolstering its bottom line.

The United Arab Emirates’ former telecom monopoly, which
operates in 19 countries across the Middle East, Africa and
Asia, made a net profit of 2.22 billion dirhams ($598.97
million) in the three months to Sept. 30, it said.

Oct 27, 2014

Profits growth slows at Qatari telecoms firm Ooredoo

DUBAI, Oct 27 (Reuters) – Qatari telecoms operator Ooredoo
reported an 11 percent rise in third-quarter net
profits on Monday, markedly lower than analysts’ forecasts as
its business in Iraq suffered from the violence there and some
other foreign units also struggled.

The former monopoly, which operates in about a dozen
countries across the Middle East, Africa and Asia, made a net
profit of 375 million riyals ($103 million) in the three months
to Sept. 30. That was up from 337 million riyals in the same
period last year when it suffered foreign exchange losses of 751
million riyals.

Oct 27, 2014

Saudi Telecom beats estimates with flat third-quarter profit

DUBAI, Oct 27 (Reuters) – Saudi Telecom Co (STC),
the Gulf’s No.1 telecoms operator by market value, reported flat
third-quarter profit on Monday, beating estimates despite paying
higher taxes than a year ago.

The company, which competes domestically with Etihad
Etisalat (Mobily) and Zain Saudi, made a net
profit of 3.37 billion riyals ($898 million) in the three months
to Sept. 30, down from 3.39 billion riyals a year earlier, STC
said in a bourse filing.

Oct 27, 2014

Dubai developer Emaar welcomes talk of property market slowdown

DUBAI, Oct 27 (Reuters) – The chairman of Dubai’s biggest
real estate developer, Emaar Properties, said he
welcomed talk of a slowdown in the emirate’s property market and
vowed to keep supplying new homes to help hold prices at “a
reasonable level”.

Dubai real estate has gone from boom to bust to boom again
in the space of eight years. The market soared late in the last
decade, then crashed as a bubble burst, cutting residential
prices by more than half and nearly causing Dubai to default on
its debt.

Oct 22, 2014

Fierce competition drives down Ooredoo Kuwait’s profit

DUBAI, Oct 22 (Reuters) – Telecom operator Ooredoo Kuwait’s
third-quarter net profit fell by nearly half as fierce
competition took its toll.

Ooredoo Kuwait has struggled in its home market following
the 2008 launch of the country’s third mobile operator, Viva,
which aggressively cut prices to woo customers.

Oct 21, 2014

Djibouti Internet start-up aims to boost broadband speeds across east Africa

DUBAI (Reuters) – Internet access in east Africa is still relatively slow and costly but a Djibouti-based technology start-up company has ambitions to help change that.

Djibouti Data Center (DDC), set up by a group of local and international investors 18 months ago, is the first data center and Internet exchange in east Africa connected to eight fiber optic cables that are part of the main Internet route from Europe to Asia.

Oct 14, 2014

Iraq wants $307 million for 3G telco spectrum despite turmoil: sources

DUBAI (Reuters) – Iraq wants its mobile operators to each pay $307 million for spectrum for third-generation (3G) services despite large parts of the country falling under rebel control, according to three sources familiar with the matter.

The country’s three operators – Zain Iraq, a unit of Kuwait’s Zain, Ooredoo subsidiary Asiacell and Orange affiliate Korek – have been waiting for several years to begin 3G services.

Oct 13, 2014

Pakistan’s Warid Telecom to invest $470 mln in network -CFO

DUBAI, Oct 13 (Reuters) – Pakistan’s Warid Telecom will
invest $470 million over five years to bolster its network,
following a failed attempt by its owners to sell the mobile
operator this year, the firm’s chief financial officer told
Reuters on Monday.

Warid Telecom, wholly owned by privately-held Abu Dhabi
Group (ADG), has seen its mobile subscriber base slump from 17.9
million in 2008-9 to 13.1 million in May 2014, according to data
from Pakistan’s telecom regulator.

Oct 2, 2014

Emirates president says Ebola hits Asian demand for Africa flights

DUBAI (Reuters) – The president of Emirates airlines [EMIRA.UL] said on Thursday that demand for flights to Africa from Asia has fallen due to concerns over the Ebola virus.

West Africa is struggling with the worst Ebola outbreak since the disease was identified in 1976, with 3,338 people known to have died, predominantly in Liberia, Sierra Leone and Senegal, according to latest figures.