While careworn European operators such as Vodafone streamline their operations and exit over-competitive markets, the major players from the Gulf region are the new telecoms adventurers, looking for expansion in Europe and elsewhere. The Gulf economies are trying to reduce their reliance on oil revenues, and telecoms is seen as a strategic opportunity, especially if the operators can leverage their countries’ substantial sovereign wealth funds and private money to move beyond the borders of their relatively small home markets. Saudi Arabian incumbent STC, and the UAE’s e& (Etisalat), are particularly active in looking for deals in Europe. The latter already holds a sufficiently large stake in Vodafone (14.6%). Other Gulf operators, such as Qatar-based group Ooredoo, are less active in…