Etisalat Misr to invest $260 million this year

Etisalat Misr, the Egyptian unit of the UAE’s Etisalat, is looking to inject investments of 4.5 billion Egyptian pounds ($260 million) to develop its networks and services this year.

The telecom firm also plans to double its revenue this year, CEO Hazem Metwally stated on Saturday during an interview with Reuters.

Etisalat Misr’s revenue grew 16 percent in 2018, recording EGP 13.6 billion ($794.4 million).

The 4G frequencies bought by Etisalat Misr in consideration of $535.5 million in 2016 were “adequate”, Metwally said.

“At the moment we do not need new frequencies immediately, but we may need them in the future. Fourth generation (4G) services allow us to transfer more data and control our costs,” Reuters reported, citing the top official as saying.

The EGP 50 fee imposed by the Egyptian government in 2018 for each new mobile phone line has hindered the company’s growth, Metwally noted.

The CEO revealed that the number of Etisalat Misr’s customers had declined to around 31 million at the end of last year from 27 million.