The telecommunications and technology company e&, formerly known as Etisalat Group and based in the UAE, has announced a substantial investment of $6 billion to enhance digital capabilities and economies in 16 different markets spanning three continents. This commitment, to take place between 2024 and 2026, is part of the International Telecommunication Union’s Partner2Connect Digital Coalition, with the aim of achieving universal and meaningful connectivity.
The Geneva-based ITU, a United Nations agency, describes the coalition as a platform to secure new resources, partnerships, and commitments towards achieving global connectivity. The investment by e& is intended to bolster connectivity, provide access to more affordable telecommunications services, and promote the use of artificial intelligence.
Hatem Dowidar, the group chief executive, has expressed the company’s ambition to drive economic growth and innovation to significantly reduce inequalities, ultimately leading to a more inclusive and connected digital world. The 16 markets earmarked for investment include countries in the Middle East, Africa, and Asia.
The company’s investment plans extend to supporting the advancement of digitally inclusive economies, aiming to improve the overall quality of life for individuals in these markets. Additionally, e& aims to promote the widespread adoption of mobile financial solutions, telehealth, and educational services in underserved areas.
In line with technological advancements, the company intends to reinvest in building networks of the future to accelerate technology adoption, increase fibre penetration, and improve mobile network speeds. These initiatives are also expected to facilitate economic activities for customers and provide them with more opportunities.
e& joins other technology companies in making significant pledges to the Partner2Connect initiative at the Mobile World Congress. This includes commitments from China Telecom, Veon, and Ooredoo, demonstrating a collective effort to provide accessible and affordable connectivity across the globe.
Doreen Bogdan-Martin, secretary-general of the ITU, has expressed optimism about achieving universal meaningful connectivity, thanks to the new commitments made by these companies. The total value of commitments mobilised by Partner2Connect over the past two years has exceeded $46 billion, signifying a positive impact on global connectivity.
Given the disruption in the telecommunications industry caused by technological advancements, e& is embracing operational transformation to expand its reach and diversify its portfolio. With robust economic growth in its markets, the company reported a 3 per cent increase in profits and a 2.5 per cent rise in revenue for the reporting period. Moody’s Investors Service projects the company to lead revenue growth in the GCC telecommunications sector this year as it expands its presence in international markets.
In conclusion, the substantial investment by e& reflects the company’s dedication to advancing technology infrastructure and promoting economic development in the markets it serves. The collective efforts of companies participating in the Partner2Connect initiative demonstrate a commitment to achieving global connectivity and inclusivity.
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