Etisalat rival established soon

The first alternative operator in the UAE’s fixed line market will be formally established within the next few months and an initial public offering for 20% of its capital will follow shortly after. Local newspapers reported that the new firm will be created by early next year with a capital of AED4 billion. Besides the 20% stake being offered to the public, investors will include the state’s General Pension and Social Security Authority (GPSSA) and the Dubai Technology and Media Free Zone (TECOM). The as yet unnamed group will compete with the incumbent operator Etisalat, which presides over one of the most advanced telephony networks in the Arab world and claims more than 1.2 million fixed line subscribers.