Etisalat ranked first among the 50 most powerful companies in the UAE, based on its market value and financial performance, a study showed. 

The UAE-based telecommunications company’s market value reached Dh75.6 billion ($20.59 billion), said a statement quoting from the study conducted by the Arabian Business Group.

The companies were evaluated based on their market values and financial performance according to the study obtained from Bloomberg; which mandated that the companies and organisations be listed on the Dubai Financial Market, Abu Dhabi market for goods and securities, or Nasdaq Dubai.

Etisalat was recognised first among the top 50 after the announcement of its 2011 results on a net profit before deducting government royalty fess - Dh11.6 billion ($3.16 billion), the statement said.

The company has witnessed 22 per cent increase in subscriber base in17 countries to reach 167 million active subscribers across the Middle East, Asia and Africa.  It offers 2 million job opportunities and has a full time staff of 53,000 employees, it said. – TradeArabia News Service