Table of Contents
Technological convergence to the rescue? ............................................. 3
Market structure ................................................................................ 3
Mobile ............................................................................................ 4
Internet .......................................................................................... 5
Fixed line ....................................................................................... 5
Market developments ........................................................................ 6
Mobile ............................................................................................ 6
Internet .......................................................................................... 9
Fixed line ..................................................................................... 10
Outlook ........................................................................................... 12
Mobile .......................................................................................... 12
Internet ........................................................................................ 13
Fixed line ..................................................................................... 14
Relative valuation ............................................................................ 16
Du ................................................................................................... 19
Etisalat ............................................................................................ 32
Appendix: Market profiles ............................................................... 69


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