Chief Business Reporter
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| Sheikh Abdullah (right) with Qtel Group CEO Dr Nasser Marafih at the company’s annual general meeting at the La Cigale last night |
“Our board has taken the decision to pursue the third license in Syria. We are going into Syria... and we think it is an important country to be in,” he said after the company’s annual general meeting here last night.
Asked whether Qtel Group was reconsidering its plans to invest in Syria because of the current unrest in one part of the country, Sheikh Abdullah said, “Absolutely not”.
According to reports SyriaTel and South Africa’s MTN operate Syria’s existing two licences. The companies have 10.2mn subscribers between them.
On whether Qtel has plans to issue any fresh bonds for capital boost, Sheikh Abdullah said, “We have not taken any decision on that. We are restructuring our debts in the first half of the year and will see how it works.”
Yesterday’s AGM approved the recommendation of the Board of Directors to distribute a cash dividend of 50% of the nominal share value (QR5 per share) and bonus shares of 20% of share capital (one share for every five shares).
Addressing the general assembly, Sheikh Abdullah outlined Qtel’s success in building solid foundations for ongoing growth both at home (in Qatar) and internationally, and expressed confidence in the forward momentum of the company.
Sheikh Abdullah said: “We are investing in the infrastructure that will develop our offering across all markets by focusing on diversification and advanced services like home and mobile broadband which will realise high value for our operations.”
“At the same time, we are enhancing and expanding our capabilities around several defining areas that show potential for growth and profits, including digital services, social media and mobility. We will continue to invest in assets and innovations that will set Qtel ahead of its competitors.
“HH the Emir Sheikh Hamad bin Khalifa al-Thani’s policies have ensured the success of businesses across Qatar, and we pay tribute to the vision and guidance that have made Qatar one of the world’s most dynamic economies. Our firm foundations at home have enabled us to continue to push boldly into new markets,” he concluded.
The Qtel Group delivered a number of key strategic initiatives in 2010 that firmly position the company for growth this year. Among the key initiatives, the roll-out of a nationwide fibre network for ultra-speed Internet, achieved key project milestones, and is set for commercial launch in 2011.
The company also signed, in association with Wataniya Telecom, an agreement to acquire another 25% shareholding in Tunisiana, raising its stake to 75%. Solid growth was achieved across both mature and emerging markets throughout Qtel’s footprint.
“The benefits of our diversification strategy are evident: it has allowed Qtel to continue to enjoy solid growth as a Group even during challenging global economic times or challenging conditions within some markets. In turn, this international expansion has delivered solid returns for our stakeholders,” Sheikh Abdullah added.