Dubai – Mubasher: Emirates Integrated Telecommunications Company (du), listed on the Dubai Financial Market (DFM), on Monday announced it has signed a joint venture (JV) agreement with Bahrain Telecommunication Company (Batelco).
Upon the agreement, the two companies will work jointly to provide their customers with more comprehensive and efficient services, according to a statement.
Each company will hold a 50% stake in the JV, du highlighted.
It is worth noting that du previously reported a 14.2% drop in its profits for the first quarter of 2019, recording AED 444.81 million, compared to AED 518.51 million in Q1-18.
Meanwhile, du’s revenues fell by 5.7% year-on-year to AED 3.14 billion in Q1-19 from AED 3.33 billion.