Telecom Egypt has introduced its new WeConnect environment, which allow customers to select cross connectivity at the click of a button. WeConnect’s open and neutral concept allows customer to mix and match connectivity between subsea cable systems in the Mediterranean Sea and the Red Sea. WeConnect’s digital platform, according to the telecoms provider, allows customer...
Telecom Egypt (TE) has reported a 38% year-on-year increase in consolidated revenue for the half-year ended 30 June 2023, saying that this rise had been ‘fuelled by the 75% y-o-y hike in wholesale revenue, constituting 71% of top line growth, followed by strong retail performance’. In the six-month period under review TE generated a total...
The Egyptian government has sold a 10% stake in Telecom Egypt (ETEL) for nearly EGP 3.95 billion, Asharq Business reported on May 12th, citing unnamed sources familiar with the transaction. The government sold more than 170.7 million shares at a price of EGP 23.11 per share, with the offering being subscribed by less than 2.5x,...
Telecom Egypt today announces that Eng. Mohamed Nasr Eldin Mohamed Ali has been appointed as Managing Director and CEO of the company to succeed Eng. Adel Hamed Ibrahim Gadallah. The board of directors (the “Board”) has accepted Eng. Adel Hamed’s request to be relieved from the position of Managing Director and CEO to assume a...
The demand for connectivity is accelerating around the world. Telecom Egypt, which has invested in submarine fiber optic cables in particular, wants to bet mainly on this demand to support its growth. The Egyptian telecommunications operator forecasts double-digit revenue growth and earnings before interest, taxes, depreciation and amortization (EBITDA) of around 30% for the 2023...
Telecom Egypt and Etisalat Misr have announced the signing of six new commercial and strategic agreements, with the former saying the development represented ‘a step that comes within the framework of a joint cooperation between both parties to maximise their returns and support the development of new technologically advanced services to end users in the...
Telecom Egypt has reported a 16% rise in consolidated revenue for the year ended 31 December 2021, saying growth had been mainly driven by a 30% uplift in data revenues and 26% increase in infrastructure revenue. In the twelve-month period under review, Telecom Egypt recorded consolidated revenue of EGP37.088 billion (USD2.4 billion), up from EGP31.912...
In January 2019, Abdel Fattah al-Sissi initiated the “Decent Life” project to improve life in rural areas. In the telecoms segment, major projects are currently underway in twenty governorates. The incumbent telecommunications operator, Telecom Egypt, has started connecting 1,413 villages in twenty governorates to fiber optics. The objective is to ensure access of nearly 70% of the...
Telecom Egypt posted net profit of 3.9 billion Egyptian pounds ($249.20 million) for the first half of 2021, up 88% from the same period last year, the company said in a statement on Monday. CAIRO: Telecom Egypt posted net profit of 3.9 billion Egyptian pounds ($249.20 million) for the first half of 2021, up 88% from the...
The considerable interest that Egypt’s state-owned telecoms company has shown in high-speed telecom infrastructure since 2018 is far from dulling. A new project is brewing in its Cairo offices. The incumbent telecommunications operator Telecom Egypt unveiled on Wednesday March 3 its ambitious project to connect Africa to Europe through a new hybrid fiber optic system, combining...
