Etisalat Misr to invest 4.5 bln Egyptian pounds – CEO

Etisalat Misr, the Egyptian unit of the UAE’s Etisalat, will invest 4.5 billion Egyptian pounds ($282.4 million) in Egypt, its chief executive announced on Sunday.

This sum will be directed to upgrade networks, improve services, expand its activities in data transfer, and support the internet of things and artificial intelligence (AI), Hazem Metwally added.

Metwally made these remarks during a meeting held on Sunday with head of Egypt’s General Authority for Free Zones and Investment (GAFI) Mohamed Abdel Wahab to discuss the company’s plans in the local market.

Etisalat earlier invested around 50 billion pounds since the onset of its investment in the North African country, which started in 2007, Metwally said, praising the investment climate in Egypt that encouraged the company to raise its capital outlay.