The Business of… 2010’s underperformers
Strikes, debt and defaults; 2010 hasn’t been kind to a lot of UAE businesses. Here is our pick of the biggest underperformers in 2010.
December 29, 2010 11:22 by shafeer
Etisalat: they’ve been in the news all year long; but not always for reasons they’d prefer. While their never-ending 12 billion dollar deal to takeover a majority stake in Kuwaiti telco Zain is still in the process of being approved, Etisalat has revealed a debt of Dh5.3 billion and has announced plans to sack over 300 staff.
What’s more, this quarter, the company’s profit declined just under 25 percent of what it was the same time last year, with Du signing on shamefully more subscribers than Etisalat. And as if hadn’t enough on its plate, Etisalat has gotten trapped in the one of the biggest corruption scandals in India when it transpired that Etisalat’s Indian arm, Etisalat DB India, was among the companies mentioned in an Indian government report after a company it bought “received spectrum licences from the telecommunications department that were significantly undervalued and did not follow policy procedures,” according to The National.
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