Emirates Telecommunications Corporation- Etisalat- has been positioned as the sixth largest company in the Middle East region by market capitalization and revenue. The rankings were announced by London-based independent magazine- The Middle East.
Mohammad Hassan Omran, Chairman and CEO, Etisalat, praised the results achieved by UAE companies in general and Etisalat in particular. “22 companies from the UAE feature in the Top 100 Middle East companies listing, and this is a good indicator of the direction and performance of the UAE economy. Huge potential coupled with firm foundations and matchless enthusiasm has made the UAE an ideal place to do business.”
“We are proud to be seen as indicators of the growth in the UAE, and the booming telecommunications, real estate and financial services sectors are representative of the overall direction of the UAE economy. This endorsement from The Middle East magazine will cement the UAE’s reputation for stability and growth and drive even further growth and investment”, he added.
In the listing, Etisalat was ranked 6th with a market value of US$ 28.9bn as of 25th September 2005. Etisalat had earlier announced revenue increase of around 23 per cent in the first nine months of the year 2005.
The five companies preceding Etisalat in the ranking were SABIC (Saudi Basic Industries Corp.), Saudi Telecom Co., EMAAR, Al Rajhi Banking & Investment Corp., and the Saudi Electricity Co.
Financial Times has ranked the Corporation among the Top 500 companies in the world in terms of market capitalization. Etisalat is the largest contributor outside the oil sector to national development programmes of the UAE Federal Government.
