Dubai-based telecom company VEON, which is listed on Nasdaq, is considering a dual listing in the United Arab Emirates (UAE) within the next three to five years. The announcement was made by the company’s CEO on Wednesday, following VEON’s relocation of its headquarters from Amsterdam to Dubai last year.

VEON serves as the parent company for Ukraine’s Kyivstar and Pakistan’s Jazz, which are the largest mobile operators in their respective countries. The CEO noted that investors in the Gulf region possess a better understanding of VEON’s diverse markets.

The company is pivoting towards a “digital operator” strategy, which includes offering services beyond mobile connectivity, such as financial, healthcare, and entertainment services. VEON also operates in several other countries, including Uzbekistan, Kazakhstan, Kyrgyzstan, and Bangladesh.

In addition to the potential dual listing, Terzioglu mentioned that VEON might consider initial public offerings (IPOs) for its subsidiaries in the UAE within the same timeframe. Kyivstar is already planning a U.S. listing later this year, with a pro-forma valuation of $2.21 billion.

When discussing the possibility of expanding into additional Middle Eastern markets, Terzioglu highlighted Iraq and Syria as significant future opportunities. He stated that the recent governmental changes in Syria signal a rebirth for the country, which aligns with a large, unmet demand market. However, he emphasized that regulatory and tax considerations must be addressed before VEON can commit to entering Syria definitively.

Moreover, Terzioglu noted that VEON recently formed an exclusive partnership with Elon Musk’s Starlink to develop and provide direct-to-cell connectivity services in Ukraine. The company is also exploring potential partnerships with other satellite firms, including ASD and Eutelsat’s OneWeb, across its various markets.