FINANCIAL NEWS

Etisalat to spend $1.4b in Egypt

13 Jun 2010

(MENAFN) UAE telecom operator Etisalat said that it plans to invest as much as $1.41 billion in its Egyptian unit over the next three years, Reuters reported.

Etisalat Chairman, Mohammad Omran, said that the company eyes growth in the Egyptian market, noting that the customer base for the Egyptian unit, Etisalat Misr, reached 14 million within three years of operation, starting May 2007.

Omran said that the company’s achievements exceeded all expectations in terms of subscription rates and what was targeted in the bid conditions and feasibility studies in terms of network coverage.

It is worth mentioning that Etisalat is present in 18 markets abroad in Africa, the Middle East and Asia. The firm has faced rising competition in its home market after its monopoly was broken in 2007 by Dubai-based du.

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