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CEO Message

In its nine years of operation, Emirates International Telecommunications LLC (EIT) has demonstrated that its unique mix of value-creation strategies and processes have resulted in a stable and attractive portfolio of communications assets across the EMEASA region. The various transformation efforts deployed throughout its operating companies have yielded enhanced performance and operational excellence at each of them.

Since its founding in 2006, EIT has been continuously learning and evolving from the experience and knowledge gained through the active management of its portfolio companies. It continues to refine its core processes, in step with the changes adopted by Dubai Holding. Last year, Dubai Holding, under its Commercial Operations arm (DHCOG), integrated all its telecom assets into EIT. The addition of du and Axiom to the portfolio, brings in new opportunities to create value through meticulous planning, focused monitoring and developing synergies between its assets.

In 2010, several portfolio companies delivered strong revenue growth, including du, Interoute, Forthnet and Axiom. It was also a good year for both GO and like Tunisie Telecom, as they delivered strong performances enabling them to continue paying substantial dividends to shareholders.

Although the telecom industry has shown resilience throughout the global economic crisis, the unfolding political changes in the Arab world, particularly in Tunisia in early 2011, have presented enormous challenges and uncertainties. We continue to strive to maintain value and keep the momentum of the transformation efforts launched at Tunisie Telecom since acquisition. In spite of the challenges, Tunisie Telecom delivered a strong performance. We remain confident and optimistic of Tunisie Telecom's future.

With collective lessons learned from the past years, EIT will only gather strength and continue to evolve with the times. I have said before that the foundations of EIT based on its core values of meritocracy, leadership, teamwork and integrity will stand us in good stead. I still strongly stand by this statement.

2011 and the years ahead show great promise for Dubai, the industry we have invested in and the amazing people in EIT who make it all work.

Deepak Padmanabhan

Chief Executive Officer