(Ecofin Agency) - Etisalat Misr, a subsidiary of Emirati group Etisalat, says it will pump a total of EGP4.5 billion ($283 million) into the Egyptian telecom market throughout this year.

According to CEO Hazem Metwally, the new investment will contribute to upgrading networks, improving service quality, and broadening the company’s activities in the data segment through support to the internet of things (IoT) and artificial intelligence (AI). The manager made this announcement during a meeting on August 16 with Mohamed Abdel Wahab, Head of Egypt’s General Authority for Free Zones and Investment (GAFI). Hazem Metwally claimed his company has already invested nearly EGP50 billion since it started operations on the market. Egypt now represents Etisalat Group’s fourth-largest market by value. In H1 2020, operations in the country generated $537 million, 7.7% of the group’s total income over the period ($6.97 billion).

With the crucial role of telecom services revealed by Covid-19, Etisalat Misr is determined to meet growing customer demand for value-added services and to position itself in new market segments with high potential.