Emirates Telecommunications Corporation, the UAE-based mobile group better known as ‘Etisalat,’ is on the verge of announcing a stake in an Iraqi mobile operator, reports Cellular News, citing the Gulf Daily News. The operator is reportedly unable to disclose any further details as it will shortly announce “very positive” third-quarter results. Initial rumours of Etisalat’s interest in Iraq spread earlier this year when the company was said to be in talks with Korek Telecom.

According to Wireless Intelligence, Iraq is a potentially attractive growth market with penetration of only 49 percent as of end Q2 this year. Market-leader Zain Iraq has 8 million customers, followed by Asia Cell (5 million) and Korek Telecom (636,000 subscribers mainly in the northern region of the country). In December last year Orascom agreed to sell its Iraqi mobile business – Iraqna – for US$1.2 billion to Zain. Etisalat is on something of an acquisition spree at present, last month announcing it paid US$900 million for a 45 percent stake in India’s Swan Telecom, one of the nine Indian operators awarded mobile licenses earlier this year.