Egypt: Etisalat Misr to invest $ 283 million in the Egyptian telecoms market in 2020
August 17th 2020
283 million USD will be invested in 2020 by Etisalat Misr in the Egyptian telecoms market. The money will allow the company to modernize its network for a better quality of services, and to invest in new market segments with high potential.
The mobile telephone operator Etisalat Misr, a subsidiary of the Emirati telecoms group Etisalat, will invest the sum of 4.5 billion Egyptian pounds (283 million dollars) in the Egyptian telecoms market during this year 2020.
According to Hazem Metwally, CEO of the telecoms company, this investment will help upgrade networks, improve services and expand the company’s business in data, supporting the Internet of Things and artificial intelligence (AI).
Hazem Metwally’s revelations came during a meeting held on August 16, 2020 with Mohamed Abdel Wahab, the executive director of the Egyptian General Authority for Investment and Free Zones (FATF). A meeting during which the boss of Etisalat Misr discussed the company’s future actions on the domestic market, adding in passing that the group which has been based in Egypt since 2007 has already invested nearly 50 billion Egyptian pounds.
Egypt, for Etisalat Group, is currently its fourth largest market in terms of value. In the first half of 2020 ended June 30, it reported income of $ 537 million. An amount that weighed for 7.7% in the income of the group which was 6.97 billion dollars.
With the essential telecoms services revealed by Covid-19, Etisalat Misr is determined to meet the growing demand from customers for value-added services and also to position itself in new market segments with high potential.
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