Sunday, Jan 15, 2012
--Tarek Aboualam to take over as chief executive, managing director
--Replaces Mohammed Abdel Rehim Hassanein who is retiring
--Aboualam previously worked at Telecom Egypt's data, wholesale business
(This story was originally published on Thursday.)
DUBAI (Zawya Dow Jones)--Telecom Egypt, the country's sole fixed-line provider, said Thursday it has appointed Tarek Aboualam as chief executive officer and managing director.
Aboualam will take on his new duties from Jan.19 and replaces Mohammed Abdel Rehim Hassanein, who is retiring, the company said in a statement.
He joined Telecom Egypt in May 2009 as vice president, international and wholesale, a unit that now accounts for half of the company's overall revenues, said Telecom Egypt. Aboualam was promoted to senior vice-president in June 2011 and was also involved in the launch of TE Data, the company's internet arm.
Aboualam's appointment comes at the time of great change for the Egyptian telecommunications industry in light of the country's political upheaval and the backdrop of a deteriorating global economy.
"Whether the change in executive management may lead to a change in Telecom Egypt's strategy in 2012 is yet to be seen," said Mohamed Hamdy, a telecoms analyst at Cairo-based investment bank CI Capital. "Aboualam has a track record in TE Data and International & Wholesale businesses, the areas which we consider have potential for growth due to the rapid growth in internet sector, while the fixed-line revenues are still suffering from stiff competition from wireless operators. As such, Aboualam might give much focus on internet and wholesale segments."
-By Shereen El Gazzar, Dow Jones Newswires; +971 444 61684; Shereen.elgazzar@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
15-01-12 0350GMT
