Egypt’s Etisalat Misr, a subsidiary of the UAE’s Emirates Telecommunications Group, is planning to pump EGP 4.5 billion ($260 million) investments to upgrade its network and services in 2019.
The telecom company aims to double its revenue this year, CEO Hazem Metwally stated on Saturday during an interview with Reuters.
Etisalat Misr’s revenue grew 16% year-on-year in 2018, recording EGP 13.6 billion ($794.4 million).
The 4G frequencies bought by Etisalat Misr in consideration of $535.5 million in 2016 were “adequate”, Metwally said.
“At the moment we do not need new frequencies immediately, but we may need them in the future. Fourth generation (4G) services allow us to transfer more data and control our costs,” Reuters reported, citing the top official as saying.
The EGP 50 fee imposed by the Egyptian government in 2018 for each new mobile phone line has hindered the company’s growth, Metwally noted.
The CEO revealed that the number of Etisalat Misr’s customers had declined to around 31 million at the end of last year from 27 million.