Abu Dhabi, Asharq Al-Awsat- The board of Directors of Emirates Telecommunications Corporation- Etisalat- held its first meeting under Mohammed Hassan Omran, Chairman and CEO of Etisalat, on Monday, 3rd October 2005, at the Etisalat Head Office in Abu Dhabi.

The board reviewed the financial results of Etisalat for the first eight months of 2005. Net profits of the Corporation stood at AED 2.87bn, registering a 24 per cent increase on last year’s net profit of AED 2.32bn during the same period.

The net profit at the end of 2005 is estimated to reach a figure of AED 4.2bn, an expected 24 per cent increase compared to net profits of AED 3.4bn at the end of 2004.

The board praised the hard work and efforts of the Corporation and particularly its employees, who have played a major role in translating business activities of Etisalat into profitable achievements.

One of the most important topics on the agenda was the overseas investments of the Corporation. The board reviewed with much appreciation the achievements of Etihad Etisalat in the Kingdom of Saudi Arabia, where it has achieved 1.5 million subscribers in a short period of 5 months.

The board also reviewed the pending issues with authorities in Pakistan and the talks being held with them by the Corporation. A deadline of 28th October 2005 has been set for the completion of all discussions, and for a solution to be finalized.