Etisalat’s Egyptian billions
AED 5.17 billion earmarked for expansion as subscribers top 14 million.
June 13, 2010 2:57 by Samuel Potter
UAE telecoms company Etisalat has announced it plans to spend up to 8 billion Egyptian pounds over the next three years on its Egyptian unit, reports Gulf News.
“We have achieved during the first two years what was planned to be achieved in five years, and by the end of the third year the number of our subscribers exceeded 14 million,” said Mohammad Omran, Etisalat’s chairman, in a statement. “We expect that we will invest 8 billion Egyptian pounds more in the coming three years as network expansion is a priority for the company.”
Having started in the country in mid-2007, the company has already spent about the same amount. The Egyptian market is lucrative, but Etisalat must compete with Mobinil (Egyptian Company for Mobile Services) and Vodafone Egypt.
According to the paper, which quotes Egypt’s Information Portal, the number of mobile subscribers in the country stands at 58.7 million.
“Etisalat’s strategy is to develop a significant international footprint and to benefit from economies of scale. This will serve for the future and provide satisfying returns for our investors, of whom the UAE Government is the largest,” Omran said.