Du to spend $544mn on infrastructure

Dubai telco to ramp up spending in 2009 as it seeks to capture market share, CEO Osman Sultan says.

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By  Ola Galal Published  November 2, 2008

Dubai-based telecom firm Du plans to invest more than 2 billion dirhams ($544.5 million) in infrastructure in 2009 as it seeks to capture a bigger market share, its chief executive said on Sunday.

The company posted its first profit ever in the third quarter on Sunday, with net income at 31.47 million dirhams and its shares soared as high as 6.04 percent.

"Our spending so far in infrastructure in capital investments since inception is almost 4 billion dirhams," Osman Sultan told newswire Reuters by telephone.

"This year, it will roughly be a little north of 2 billion dirhams... and next year, it will be more than 2 billion dirhams."

Du more than tripled its mobile telephone subscriber numbers in the third quarter to 2.67 million compared with 883,000 a year ago, Sultan said. (Reuters)

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