Ahmed Yahya, CEO of the Commercial Sector at Etisalat Misr, announced a significant investment of LE10 billion this year to enhance its network infrastructure. This move marks a strategic shift from a traditional telecommunications provider to a technology group offering diverse and innovative solutions for both corporate and individual customers in Egypt.
During the annual company conference, Yahya highlighted the brand’s evolution and its focus on digital and integrated solutions. He noted a robust 36 percent revenue increase in the first half of 2024, alongside a modest profit rise, with the customer base now standing at approximately 36 million.
A key growth area for Etisalat Misr has been its financial services, with Etisalat Cash doubling its number of individual financial wallets year-on-year to reach seven million, including 2.5 million active monthly users. Transaction volumes also surged by nearly 100 percent.
Yahya pointed out the challenges faced due to escalating operating costs, driven by increases in the foreign exchange rate and electricity prices, which have pressured the telecom sector. Despite these hurdles, service prices saw their first hike since 2017, rising by 15 percent at the start of the year.
In response to rising costs, Etisalat Misr is collaborating with the National Telecommunications Regulatory Authority to discuss service price adjustments and is shifting towards local sourcing for operational needs. This includes the local production of the first 4.5G technology router, expected before year-end.
Expansion plans include broadening financial inclusion services with initiatives like Super Pay for digital payments, Erada for microfinance solutions, and Etisalat Business for corporate services. The company is also enhancing its entertainment offerings through the TWIST platform and expanding its technical expertise internationally through Etisalat International Services.
Yahya also discussed infrastructure advancements, including the development of batteries for 10,000 base stations to ensure service continuity during power outages. Looking ahead, Etisalat Misr is exploring the introduction of 5G services and the launch of eSIM virtual SIM card services, pending regulatory approvals and completion of technical preparations.
Additionally, the company has submitted a request to the regulatory authority to assess the feasibility of offering Wi-Fi calling services, while already serving over 10 million customers with Voice over LTE (VoLTE) on fourth-generation networks. These developments underscore Etisalat Misr’s commitment to leading Egypt’s digital transformation and enhancing connectivity across the country.