The global economic crisis has forced companies to change the way they conduct their business and created great opportunities for those organisations that have invested prudently over previous years.

This was the perception given by Etisalat chairman Mohammad Omran on the Financial Times/Oliver Wyman Conference which took place in Abu Dhabi, according to a report in our sister newspaper Gulf Daily News.

'The global economic crisis has created many opportunities for us as the value of other operators has fallen to a level where a prudent investment may be possible,' Omran said.

Etisalat's chairman then discussed the latest trends in the industry, and how the global crisis has impacted the telecoms sector at large.

'Our sector is moving rapidly and it is now crucial for telecoms companies to adopt diversified business models to serve customers better and provide the latest in technologies and innovations,' he said.

'We feel we are now mostly through the crisis and many of our international operations, such as in Egypt and Saudi Arabia, have exceeded our expectations last year.

'We have seen unprecedented and sustainable growth in terms of shifting the value chain and value creation to our customers, shareholders which makes the prospects to the Middle East, Africa and Asia particularly bright.'

Omran said there have been many new business opportunities born out of the recession.

'Financial liquidity is always the fuel for growth and lessons have been learned in the last two years.

'Now the world is brimming with opportunity and the basis for the next growth phase is being laid. Last year witnessed the beginning of the recovery from the global financial crisis and the UAE in particular has seen five positive recovery indicators such as renewed investor confidence in the robust economy, the continuation of government support and spending on infrastructure projects, the increase in oil prices, the decline in inflation, besides the stable business environment as a result of the government actions to minimise the adverse impact of the financial crisis on UAE economy.'

'There are set of imperatives to be taken into account by operators in leveraging growth and seizing new opportunities for change.'

'The operators have to adopt new business models and strategies that are more diverse than ever before. The old guaranteed recipe for growth is no longer workable now.'

Omran said that telecom companies will continue to grow in the coming years. Mergers and acquisitions will be the leading vehicles to facilitate the new growth model.