UAE’s Etisalat set for management shake-up

Etisalat, the UAE’s largest telecoms firm, is preparing for a management shake-up, with an announcement to the stock exchange expected this week, sources said. Arabian Business understands the changes may include the creation of a new group CEO role and a number of high-level departures at the former monopoly. The sources said Etisalat chairman Mohammed Omran may be retiring later this year. When contacted by Arabian Business on Monday, Omran said he had “no comment” to make. The Abu Dhabi-listed company saw its group chief financial officer, Salem Al Sharhan, resign in April, citing personal reasons. Omran joined the Gulf’s largest telecom company in 1977, a year after its formation, and was named chief executive in 2004. As CEO, Omran oversaw Etisalat’s rapid overseas expansion, acquiring Saudi Arabia’s second mobile license and launching fixed-line operations in Sudan. The company, which is majority owned by a state fund, reported 7.5 million mobile subscribers across the UAE at the end of June. Abu Dhabi has seen a string of top-level moves this year, following reports of a strategic review across all government departments. In June, the chief executive of Abu Dhabi National Energy Co (Taqa), Abdulla Saif al Nuaimi, stepped down to focus on his role at the city’s water and electricity utility. The long-standing chief executive of Abu Dhabi National Oil Company (Adnoc), Yousef Omair Bin Yousef, resigned in the same week to concentrate on personal business interests. Etisalat posted a 14.9 percent fall in second-quarter net profit to AED1.59bn ($433m) amid rising operating costs and increased competition in its domestic market. The one-time monopoly in March scrapped a $12bn bid to buy Kuwait telco Zain. From / Arabian Business News