Etisalat Egypt Allocates EGP 1.5 Bln For Boosting Internet Services In 2012

Etisalat Egypt Company has allocated EGP 1.5 billion for improving fixed and mobile internet services in the current year so as to seize the investment opportunities in the next period, an official source said.

The source added that the Company plans to acquire the largest stake in the mobile internet market in Egypt in the second half of the current year, through offering low-price and high-speed internet offers. The Company targets to offer services catering the needs of the customers amid the high demand over smartphones.

Etisalat Egypt spent about EGP 4 billion on supporting its infrastructure in January 2010 and financing the Company’s expansions as well as expanding and improving the coverage.

Etisalat Egypt had signed a finance contract worth EGP 7.2 billion at the end of 2010 with a consortium encompassing the National Bank of Egypt, Banque Misr and the Union National Bank with collaboration of 25 local and regional banks to expand its expansions.

It is worth mentioning that one third of cell phones users in the world use smartphones. Most users of cells phones are expected to acquire smart phones by 2016 as smartphones provides millions of applications, services and multiple ways of internet connections.