UAE telco Etisalat reports highest first-half revenues in Egypt since 2007

UAE telecoms company Etisalat on Tuesday its highest first-half revenues in Egypt since it started its businesses in the North African country in 2007.

Etisalat Misr, the Egyptian unit of the UAE teleco firm, made revenues worth 6.5 billion Egyptian pounds or 1.3 billion dirhams ($354 million) in the six months to June 30, it said in a statement.

Revenues for the second quarter of the year grew 20 percent to 3.4 billion pounds.

Emirates Telecommunications Group, also known as Etisalat, said assets in Egypt’s mobile market reached 36.8 billion pounds at the end of June.

Since entering the Egyptian market in 2007, Abu Dhabi-based telecoms operator has invested 42 billion pounds, including10 billion pounds paid recently for the 4G licence.

September 2017 saw the launch of the long-awaited 4G services, and an entrance of a new mobile operator. The advent of 4G has led to substantial new investments by local and international players, and paves the way for Egypt’s telecoms business to move to the next level in terms of service provision, innovation, and diversification.