Etisalat will now be ‘e’ as UAE telecom giant transforms into ‘global tech conglomerate’

“e&’s transformation from a telecommunications company founded more than four decades ago in the UAE into a global influence in digitalization highlights its role in sustaining the UAE’s sustainable economic development and diversification plans,” Sheikh Mansour said in a statement. “We congratulate e& for being the national champion driving its global digitalization leadership through pioneering advanced technologies, advancing ICT infrastructure and geographic expansion while unlocking value.”

The announcement, which was made after hours, will put the company’s shares in the limelight tomorrow (February 24). It has a market capitalization of Dh291.34 billion on ADX, and the stock is currently trading at Dh33.5. Early last year, the Group allowed foreign shareholders to hold up to 49 percent.

The intention is to be fit and ready to take on new prospects in a “rapidly changing business landscape”. Some of this is already showing, with Etisalat – or e& – joining in the launch of a MAD2.3 billion digital bank – Wio – along with FAB, ADQ and Alpha Dhabi.

In the new avatar, the Group’s telecommunications operations will retain the old brand identity. At the same time, it will be a question of “maintaining the Group’s rich telecom heritage, strengthening the Group’s solid telecom infrastructure and maximizing value for its customer segments…”.

Etisalat has over 155.4 million subscribers spread across 16 countries in the Middle East, Asia and Africa.

This is an important milestone in the Group’s history and a new era where we reaffirm our commitment to delivering exceptional customer experiences and maximizing value for our shareholders. To ensure the next chapter of our journey is a success, we have made the decision to realign our business model so that we can remain nimble and ready for the future.

– Jassem Mohamed Bu Ataba Alzaabi, President of e&

In addition to its basic telecommunications services, the other key operational lines will be:

• e& life, whose objective is “to improve customer satisfaction by becoming an integral part of its customers’ lives”. The division has already laid out plans to deliver next-generation digital technologies and experiences that will “bring the world to customers’ fingertips through intelligent connectivity platforms in entertainment, retail and financial services.”

• e&enterprise will be the unit supporting the digital transformation of governments, businesses and enterprises. Through its cybersecurity, cloud, Internet of Things (IoT) and artificial intelligence (AI) solutions, e&enterprise will “create real business value by continuing to leverage its expertise as a managed digital enterprise.” having the strength and reach of a trusted global partner”.

Then there is e& capital, which will take the lead in giving the Group new growth prospects, most likely through mergers and acquisitions. The big plan is to invest in “ideas that shape the future”.

Already, some of the telecommunications company’s overhaul was apparent. The Group began selling insurance products as part of a calculated move to expand into financial services solutions. The launch of a digital bank is also part of this grand strategy.

“Our evolution is built on the solid foundation of several historic achievements, multiple milestones and strong financial performance, underscoring our global technology leadership and confidence in driving change for growth,” said Jassem Mohamed Bu Ataba Alzaabi, Chairman of ‘e&. “During this time, we have also worked tirelessly to ensure that our solutions have a positive impact on people’s lives at every touchpoint. We are now ready to be the future-facing link that will drive greater change. positive for our clients and shareholders thanks to our solid expertise.”

e&’s metamorphosis comes as the group makes significant investments in the expansion of 5G networks in the United Arab Emirates. Market sources say that the two telecom providers in the UAE are regularly registering subscribers for super-fast telecom and data services.

Etisalat is expected to report its 2021 full-year results this week, and analysts are expecting a strong set of numbers. They will pay particular attention to medium-term plans and planned investment forecasts.

“We will continue to identify new growth opportunities, take full advantage of strong partnerships and maintain our edge as a global technology investment conglomerate that makes a difference in people’s lives,” said Hatem Dowidar, CEO of group.

Our robust transformation plans will focus on running our business operations more efficiently, diversifying our revenue streams, and helping our enterprise clients achieve their digital transformation goals with skill.

– Hatem Dowidar, e& Group CEO