Mawarid Finance acquires 1% stake in Egypt Telecommunication Company

Meanwhile Mohamed Al Neaimi, Chief Executive Officer of Mawarid Finance, stressed that the purpose of his visit to Cairo is to meet a number of decision makers in the banking sector in order to explore new eras and prospects for investment in Egypt with a view to broaden and enhance the value of the shareholders' portfolio.

He added that Mawarid Finance's Board of Directors aim to address new fields of investment with a view to enhance diversity which will increase the profits of shareholders

He confirmed that Mawarid Finance follows a strategic plan to expand its investments at both local and global markets focusing on large and promising markets such as the Arab Republic of Egypt which is politically stable and offers substantial investment opportunity and gives the opportunity to Mawarid Finance to fund additional economic projects.

Al Neaimi stressed that Mawarid Finance intends to invest in Egypt to enhance cooperation between Egypt and the UAE, which have maintained a bilateral relation since the foundation of the Federation of the UAE.

He added that the favorable investment climate in Egypt prompted many of the UAE investors to explore the Egyptian market.

Furthermore, he said that Mawarid Finance had become the latest partner of Egypt Telecommunication Company (Etisalat Misr) following Emirates Telecommunication Corporation, Egyptian National Postal Organization, National Bank of Egypt, and Al Naboodah Investment L.L.C of the United Arab Emirates

Buoyed by the excellent performance of the company, Al Neaimi anticipated that Etisalat Misr could be converted into a public shareholding company within the next two years with a paid-up capital of EP10bn, while the authorized capital is 24 billion Egyptian pounds, which confirms his expectations of the future.

Al Neaimi added that Emirates Telecommunication Corporation (Etisalat) is playing a tremendous role in leading the development of the Egyptian Telecommunication market and has succeeded in attracting 1 million customers in the first 50 days of its operation.

He added that such anticipation is not a dream but rather the conclusion of the policy which Etisalat carries and setting a target of reaching 10m subscribers in Egypt by 2010, a market share of 30%.

He added that the launch of the company came side by side with Egypt's first 3.5G network bringing rich multimedia content, mobile television, high-speed Internet access, video calling, and mobile business to the Egyptian market for the first time.

The Chief Executive Officer of Mawarid Finance referred that the early successes reflected by registering a profit of Dhs95.1m since its existence at the end of 2006 till December 2007, has provided the impetus to compel us to continue with emerging investment strategies.