No direct effect of crisis on etisalat

05 April 2009

The Emirates Telecommunications Corporation (Etisalat) has said its financial position is strong, adding it has not been directly affected by the fallout of the global financial crisis, according to CEO Mohammed Al Qamzi.

Al Qamzi was speaking at etisalat's headquarters.

The absence of loans or bank credit and the corporation's vast financial cover inside the UAE have kept it cushioned from the direct impact of the crisis, he said.

Al Qamzi said etisalat might be indirectly affected because of the fluctuation in the rate of exchange of major currencies such as the euro, the slowdown of development projects as investors and developers become more cautious, and lack of liquidity, which affects revenues of the telecommunications sector in general. "However, the current situation is strong, highly reassuring and there is no need to worry."