Etisalat today announced its group financial results for the first quarter of 2011. Group revenues amounted to AED 8.04 billion (US$2.19 billion), up two per cent year-on-year.

The net profit for the quarter was AED1.8 billion, down almost 10 per cent from the same period in 2010. Etisalat invested in AED 1.11 billion of capital expenditure during the quarter and its net assets amounted to AED 41.3 billion at the end of March 2011.

The UAE’s Telecommunications Regulatory Authority (TRA) has refuted reports that it has ordered a ban on BlackBerry email services by private individuals and confirmed that the service would remain available.

"The Telecommunications Regulatory Authority confirms the continuation of all BlackBerry services in the UAE to both individuals and to business customers, including BlackBerry messenger, Blackberry email and Blackberry browsing," the TRA said in a statement.

"Any confusion to TRA regulations will be clarified by the TRA with the operators concerned this week."

The statement was issued after reports suggested that access to the BlackBerry Enterprise Server would to be restricted to companies with 20 or more BlackBerry users – forcing smaller firms to lose the services or purchase unused BlackBerry accounts.

Russia’s VimpelCom says that it has completed the merger with Egypt’s Wind Telecom, which gives it 51.7 per cent of Orascom Telecom and the entire ownership of Wind Italy.

The combination of VimpelCom and Wind Telecom creates the world’s sixth largest mobile telecommunications provider by number of subscribers with operations in 20 countries. Total mobile subscriber base reached 181 million as of end-December, 2010.

VimpelCom’s corporate headquarters are in Amsterdam with centralised corporate functions, including corporate finance, tax, accounting & control, treasury, legal, regulatory affairs, human resources, public relations, investor relations, M&A, commercial operations and technological strategy/procurement function.

Khaled Bichara, former group CEO of Wind Telecom, has been appointed to the newly created position of president and chief operating officer, with responsibility for the company’s business units, as well as for the newly formed commercial and technology functions.

The US$1.495 billion cash consideration for the transaction was financed from existing cash balances and new debt facilities.

VimpelCom continues to utilise ring fenced financing structures at Wind Italy. Part of Orascom Telecom’s debt at the holding company level is being refinanced via an inter-company loan from VimpelCom. All of Orascom Telecom’s subsidiary debt remains in place.

Management plans to consolidate financial results of Wind Telecom effective April 15, 2011.

The potential sale of a stake in Nokia Siemens Networks by its joint owners is reported to be progressing, with a possible majority stake sale to private equity groups.

According to a report in the Wall Street Journal, the parent companies are not actively seeking a buyer, but plans for a sale of a stake in the company have existed almost since the joint-venture was formed.

Nokia Siemens Networks has continuously lost money since its founding, weighing down both its parents. A spokesman said that both Nokia and Siemens are committed to the joint venture until 2013 – which is when the current agreement between the two companies expires.

Failure to sell a stake in the company before 2013 would put the future of the group in doubt when the current agreement expires as it is believed there would be temptation to split the company again.

Last July, it was reported that Silver Lake Partners, TPG, Blackstone, Bain Capital and KKR were in talks about taking a one-third stake in the company, which had at the time just agreed to the US$1.2 billion deal to acquire Motorola’s networking assets.

Zain today confirmed that 87.33 per cent of shareholders attended the ordinary annual general assembly yesterday, which was then followed by the extraordinary annual general assembly, which was attended by 75.82 per cent of shareholders. Amongst the decisions approved was the approval of the cash dividend of 200 per cent or its equivalent 200 fils (US$0.68) per share to shareholders registered in the records of the company as of April 12, 2011. The distribution will be effective on April 18, 2011 as follows.