Market Report, "Iraq Telecommunications Report Q4 2014", published

Iraq's mobile market recorded strong growth throughout 2013 and H114, in line with our view of continued subscriptions growth over our five-year forecast period to 2018. While we expect strong competition and a penetration rate still below 100% to underpin healthy subscriptions growth, the worsening security situation in the country poses important downside risks for the telecoms market. Most notably, we expect the current security situation to delay the allocation of 3G spectrum and curtail operators' willingness to invest in rolling out next-generation mobile data networks in the country. This postpones one of the greatest growth opportunities in Iraq's telecoms market and could potentially result in more rapid decline in ARPUs as operators have little means of offsetting the impact of price competition in the voice market.

Full Report Details at
- http://www.fastmr.com/prod/900714_iraq_telecommunications_report_q4_2014.aspx?afid=301

Key Data

* The mobile market grew by 3.8% quarter-on-quarter (q-o-q) in Q214, picking up on quarterly growth of 1.5% in Q114.
* As in FY13, Zain Iraq and Asiacell's ARPUs continued to fall in H114. We expect the ongoing conflict in the country to weigh on consumer spending power and drag ARPUs down further during H214.
* Iraq has one of the lowest fixed-line and broadband penetration rates in the region, at 5.6% and 0.5% respectively at the end of 2013 and we do not expect the situation to improve significantly through to 2018.

Risk/Reward Ratings

Iraq climbed one place to ninth position in BMI's MENA Telecoms Risk/Reward Ratings (RRRs) with an aggregate telecoms rating of 46.7. Rather than an improved outlook for Iraq, its higher rank is due to the underperformance of other markets in the Levant and North Africa. While our forecast remains generally positive , in terms of mobile subscriptions growth , we caution that increased political instability will likely stifle much needed investment in mobile data and wireline broadband network development , at least in the short term .

Key Trends And Developments...

The Iraq Telecommunications Report features Business Monitor International (BMI)'s independent industry forecasts on the future strength of Iraq's ICT market, covering the fixed-line, mobile and internet segments and analyses latest regulatory developments and corporate news, including investment activity, mergers and acquisitions, joint ventures and partnerships. Leading operators and manufacturers are fully profiled, highlighting their quarterly financial performance, capital expenditure plans and latest contracts.

BMI's Iraq Telecommunications Report provides industry professionals and researchers, operators, equipment suppliers and vendors, corporate and financial services analysts and regulatory bodies with independent forecasts and competitive intelligence on the telecoms industry in Iraq.

Key Benefits

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