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And so it ends
Etisalat walks away from its $12 billion bid to buy a majority stake in Kuwaiti telco Zain, but how will this affect it and the region? Kipp explores.
March 20, 2011 4:03 by Eva Fernandes
But Etisalat’s actions also seriously affects the Middle Eastern telco scene as Irfan Ellam, an analyst at Al Mal Capital PJSC told Businessweek: “It’s a pity. It would have created an Arabic company on the world telecoms stage (…) It looks as if Zain no longer wants to be bought. It looks like they want to remain independent.”
Of course, this means that Etisalat, which been on an expansion drive that can only be classified as aggressive, may now have to look to much smaller telco acquisitions in the region like Syria’s third mobile license and Iraq’s fourth.