French Orange to boost investments in Egypt - CEO

Cairo – Mubasher: French multinational telecom company Orange has raised capital in Orange Egypt to EGP 16.4 billion last January in a bid to boost its investments in the Arab world's most populous country, CEO Stéphane Richard said.

Richard remarked that the capital increase, in addition to obtaining an EGP 7 billion loan, aims at expanding in Egypt and securing cash on hand in order to upgrade mobile networks and enhance the quality of provided services, according to state-run news agency MENA.

The comment came on the sidelines of inaugurating Orange Egypt’s new head office in Smart Village.

The opening was attended by Egyptian communications minister Yasser El-Kady, CEO of Orange Egypt Jean-Marc Harion, and the French ambassador to Cairo Stephane Roumtier.

Orange is currently working on expanding in Egypt, mainly on launching the 5G mobile services once it gets licences from the Egyptian regulators, Richard noted.

The Egyptian unit of the French telecoms firm has the largest customer base with up to 33 million subscribers, he highlighted.

French Orange has financed its Egyptian unit with an EUR 750 loan to get the 4G licence and maintain its infrastructure investments in the North African nation, he pointed out.

Orange Egypt is currently working on shifting a number of its customer service centres to Assiut, which will create around 600 jobs for locals, Richard said.

Mubasher Contribution Time: 18-Apr-2018 08:22 (GMT)
Mubasher Last Update Time: 18-Apr-2018 11:22 (GMT)