Etisalat Misr to invest 4.5bn Egyptian pounds in 2020 – official

Etisalat Misr, the Egyptian unit of the UAE’s Etisalat, plans to invest 4.5 billion Egyptian pounds ($280.3 million) within 2020, its chief corporate affairs officer said on Sunday.

Most of these investments will be pumped into the data transfer sector, Khaled Hegazy added on the sidelines of Ahram Economic Conference on Sunday.

In 2019, Etisalat Misr invested a total amount of 4 billion pounds, he added.

The telecom operator signed a new agreement with the state-owned New Administrative Capital Company earlier in December to establish a control centre, Hegazy said.

Since the beginning of its operations in Egypt, the company’s investments exceeded 50 billion pounds.

During the first half of the year, Etisalat Misr reported revenues worth 7.14 billion pounds from 6 billion pounds during the same period of 2018.