Etisalat, a major player in the telecom industry in North Africa and the Middle East and in the process of rolling out its services in Nigeria, has been ranked 14th largest telecommunications company in the entire world.
The ranking places Etisalat as largest telecommunications company in both the Middle East and Africa, ahead of all other regional and international operators in the two regions.
Mr. Hakeem Bello-Osagie, chairman of Etisalat Nigeria, expressed delight at the company’s new ranking, saying that Etisalat entered Nigeria undisputedly as a leader in Africa. "Etisalat Nigeria is therefore in a unique position to leverage on this global strength on all fronts, that access to this rich pool of knowledge, skills and excellence will ensure that Nigerians have access to the world-class telecommunications services that Etisalat operates".
The ranking which was done by Financial Times, experts said was indication that Etisalat is on track in fulfilling its goal of becoming one of the top 10 global telecom operators in the world in terms of market capitalization by 2010.
According to the Financial Times ranking, Etisalat has risen in FT 500 rankings from 444 in 2007 to 219 in 2008, this is equivalent to 14th position in the telecoms sector worldwide. The FT500 ranking is based on a snapshot study conducted quarterly and published annually of the world’s largest companies based on telecom market capitalization.
During the last quarter of the year, the Etisalat Group received recognition for its commitment to transparency with regards to its financial data and relationship with investors. The prestigious UAE Securities and Commodities Authority presented Etisalat with the SCA Diamond Standard for Financial Transparency for the year 2007 and the company was named a ‘Diamond’ company in terms of financial transparency
On the verge of commercial launch in Nigeria, Etisalat serves over 63 million aggregated subscribers across 16 countries in 2 continents.
