Egypt heavyweight Telecoms strike agreements worth $900M
Telecom Egypt and fellow domestic player Etisalat Misr agreed on six commercial and strategic deals worth EGP17 billion ($912.5 million) for 10 years, covering infrastructure, technology, and roaming services.
The heftiest of these deals is a transmission agreement worth EGP12.5 billion that aims to ensure the expansion of Etisalat Misr’s network on Telecom Egypt’s infrastructure.
In the first quarter of this year, Etisalat Misr, which is owned by UAE-based E&, revealed plans to commit over EGP5 billion to expand its network in Egypt in 2022.
Egypt heavyweight Telecoms
Furthermore, the companies agreed to modify an existing national roaming agreement signed in 2017, enabling Telecom Egypt’s demand for growing capacities on Etisalat Misr’s network during 2022.
The modification sets the grounds for more flexibility. The companies will also work together on expanding fibre services in the country.
The move follows a statement by Etisalat Misr CEO Hazem Metwally detailing the company’s intention to ramp investments in the country by 15 percent this year due to the depreciation of the Egyptian pound exchange rate against the US dollar.
Regional publication Arab News reported the average price of mobile minutes in Egypt is the cheapest in the Middle East.
With four mobile operators in the country, namely state-owned Telecom Egypt, Etisalat Misr, Vodafone Egypt, and Orange, contributing to high rates of penetration, competition in the Egyptian telecom sector is amplifying.
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