Tuesday, July 04, 2006
I can’t believe that Etisalat (Emirates Telecom) has just bid (and won) US$2.89bn for the third Egyptian licence. As far as I can see the people behind Dubai , the Maktoum family are the main shareholders of Etisalat. I know that the family loves burning cash, after all they are the new sponsor of Arsenal, but US$2.89bn is a lot of money. I struggle to believe that they will see a return in a long, long time. However, people have been proved wrong several times before with the families investments.
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