Etisalat's push to gain mobile subscribers overseas will not lead to the UAE's largest public company returning to India, a senior executive has confirmed.
Daniel Ritz, the chief strategy officer at Etisalat Group, said on the sidelines of the Mobile World Congress (MWC) in Barcelona that the telecoms operator had no intention of re-entering the market after being stripped of its mobile licence there in a major corporate scandal.
"We are not going back into India," said Mr Ritz. "We are not considering India for any of the licences, or an acquisition or joint venture."
Etisalat was forced to exit the market following allegations of corruption over the allocation of India's 2G mobile spectrum, which in February 2011 resulted in 122 of the country's wireless licences being cancelled. Etisalat eventually wrote off Dh3.04 billion (US$827.7 million) in an impairment charge, resulting in a net impact of Dh1.02bn on its profit.
The UAE operator entered India by buying a $900m, 45 per cent stake in Swan Telecom, which had acquired one of the licences sold at below-value rates. Etisalat was not implicated in any wrongdoing.
The Indian exchequer is believed to have lost out on $30bn to $40bn in potential earnings in what has been described as the country's biggest corruption scandal. India has since started to re-auction the licences. Bahrain's Batelco has been the only operator in the region to have expressed an interest in re-entering the Indian market via an acquisition.
Etisalat has a presence in 16 countries and close to 140 million subscribers. Mr Ritz hinted at possible mergers or acquisitions and partnerships in its existing locations to drive growth. "We are focusing on possibilities in our current markets; where we see opportunities in line with our strategy we will consider them," he said.
Etisalat has already expressed an interest in buying Vivendi's 53 per cent stake in Maroc Telecom.
The UAE operator has focused strongly on the emerging markets as announcements from the operator emerge at MWC this year.
Despite not looking to re-enter the India market itself, Etisalat yesterday announced a partnership with the country's Mahindra Comviva to provide low-cost mobile internet access on basic handsets across its operations in Africa and Asia. Following the agreement users will be able to gain access to email, social networking and messaging at an affordable price. Etisalat Nigeria will be the first to deploy the new services before it is rolled out across its other operations in the two regions.
"Nigeria has a vast population of young people, a majority of which are basic-phone holders with no or minimum data capabilities. As we continue to attract new customers to our network across various segments, it is our desire that we are able to address their needs to enjoy emailing, instant messaging, and social networking among other services no matter the type of handset they are using," said Steven Evans, the chief executive of Etisalat Nigeria.
Etisalat has also signed an agreement with Alcatel Lucent to test and deploy long-term evolution mobile internet in Sri Lanka.
"Sri Lanka is a fast moving country and is witnessing growth in its economy," said Jamal Al Jarwan, the chief regional officer of Etisalat Asia. "As an operation we are currently focused on broadband as a key initiative for future growth."
The company also renewed its sponsorship of FC Barcelona for four years. The previous deal was worth €4m (Dh19.6m) a year for four years. No indication of the value of the new deal was given.
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England (15-1)
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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50-man Royal Rumble - names entered so far include Braun Strowman, Daniel Bryan, Kurt Angle, Big Show, Kane, Chris Jericho, The New Day and Elias
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FIGHT CARD
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ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
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The Facility’s Versatility
Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket
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Producer: Excel Entertainment & Tiger Baby
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Age: 29
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