ArabSat posts $48 million profits in 2000
The Arab Satellite Telecommunication Company, ArabSat, posted $48 million in profits for the year 2000, marking the company’s strong financial standing. Director general of the Public Telecommunication Corporation, Muhammad Maaruf, stated that ArabSat’s board of directors recently met in Damascus to discuss the future plans of the company.
Planned projects include the purchase of new satellites and digital broadcast systems, according to Teshreen daily. Earlier this year, ArabSat officials disclosed plans to compete on a world level, possibly by selling a portion of its shares to the private sector.
The Riyadh-based ArabSat was established in 1976, and is jointly owned by several Arab governments. Television stations from Lebanon, Saudi Arabia, Kuwait, Egypt, Libya and the UAE broadcast to all the Middle East countries and part of Europe via ArabSat's three satellites. — (MENA Report)
© 2001 Mena Report (www.menareport.com)