|09 October, 2019

Etisalat Misr expected to invest $276mln in 2020

Etisalat Misr generated $438mln in revenues in H1

Image used for illustrative purpose. The Etisalat logo is seen at the Mobile World Congress in Barcelona, Spain, February 26, 2018. Image used for illustrative purpose.

Image used for illustrative purpose. The Etisalat logo is seen at the Mobile World Congress in Barcelona, Spain, February 26, 2018. Image used for illustrative purpose.

REUTERS/Yves Herman

Cairo –  Etisalat Misr, a subsidiary of the UAE’s Emirates Telecommunications Group, has invested EGP 50 billion since the start of its operations in the Egyptian market, including EGP 4.5 billion during 2019, the Middle East News Agency (MENA) reported, citing the company’s CEO Hazem Metwally as saying.

The telecom company is also expected to inject EGP 4.5 billion worth of investments during 2020, Metwally said in a press conference on Tuesday.

During the first half of 2019, Etisalat Misr generated EGP 7.14 billion in revenues, compared to EGP 6 billion in the year-ago period, he revealed.

The company is also competing for tenders launched by the government, including internet networks in the New Administrative Capital, in alliance with other telecom firms, the CEO added.

Etisalat Misr currently operates about 1,000 fixed lines after launching the service in May, Metwally noted, pointing out that the company aims to increase its operations in corporate solutions to 20% from the current 10%.

The company’s chairman Gamal El-Sadat stressed that floating the company’s shares on the Egyptian Exchange (EGX) is contingent on shareholders’ approval.

Currently, Etisalat Misr’s capital reaches EGP 20 billion after the recent capital hike, the company’s chief corporate affairs officer Khaled Hegazy said.

Source: Mubasher

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