Etisalat Misr to invest 4.5 billion Egyptian pounds in 2020

Egyptian telecoms company Etisalat Misr says it will invest around 4.5 billion Egyptian pounds ($277.3 million) within 2020 to modernise its 4G services.

About 50 percent of 4G subscribers in Egypt are Etisalat Misr customers, officials in the firm told Amwal Al Ghad on the sidelines of GITEX Technology Week that took place in Dubai last week.

The firm, part of UAE-based Etisalat, is also targeting a revenue uplift from its data transfer services by next year.

(R-L) Saeed Al Zarouni, senior vice-president for mobile networks at Etisalat; Hazem Metwally, executive director of Etisalat Misr; Gamal El-Sadat, chairman of Etisalat Misr; and chief Khaled Hegazy, corporate affairs officer at Etisalat Misr.

“Etisalat Misr has successfully absorbed the cost of Egypt’s economic reform programme, which included mainly a sharp devaluation of the Egyptian pound yet resulted in a significant growth rates,” chairman Gamal El-Sadat said.

Asked about Etisalat Misr’s plans to sell some shares on the Egyptian stock exchange, El-Sadat said the whole arrangements would hinge on shareholders’ approval.

“We could indeed generate additional value by floating some shares of Etisalat on the EGX,” he said.

Etisalat Misr currently owns more than 5,000 4G base stations, said executive director Hazem Metwally.

Metwally said the firm is close to winning an Internet of Things (IoT) project in Egypt’s new capital in alliance with a number of companies.

Meanwhile, Etisalat Misr has recently raised its capital to 20 billion pounds, its chief corporate affairs officer Khaled Hegazy said.

“Egypt’s strategy to achieve financial inclusion and spark a digital transformation will undoubtedly encourage Etisalat Misr to expand into providing further innovative services,” Hegazy said.