Egypt key market for Huawei in MENA: VP

Doaa A.Moneim , Monday 28 Mar 2022

Egypt is a key market for Huawei’s operations in the Middle East, with the company's headquarters for North Africa operations located in Cairo.

Egypt
Huawei has a plan to focus its investments in the Egyptian market on talent development through implementing many initiatives that centre on human capital building in cooperation with government entities, said Huawei’s Technologies Vice President for Corporate Communications Karl Song on Monday.

 
This came during a virtual media round table held on Monday to launch Huawei’s annual report 2021.
 
Song added that Huawei is working with its partners in Egypt in line with Egypt Vision 2030, particularly in the field in digital transformation and support its smart cities and advanced solutions.
 
He also noted that Huawei Technologies has invested over $10 million in the past five years to set up three innovation centres in Cairo.
 
On a regional level, Song stressed that Huawei is committed to investing heavily in the region, especially in 5G networks, green investments and low-carbon projects.
 
According to the company’s 2021 annual report, shared with Ahram Online, Huawei’s digital power solutions helped customers generate 482.9 billion kWh of renewable electricity and save 14.2 billion kWh of electricity, which resulted in a reduction of nearly 230 million tons of carbon emissions in 2021.
 
Song added that the region has the potential to be a leader in solar energy generation. 
 
On a global level, Song said that the ongoing challenges have affected all sectors, but 5G technologies and solutions will accelerate digital transformation and save energy to help countries cope with the repercussions of the global conflict.
 
He noted that the company signed 3,000 agreements in the field of 5G technologies globally.
 
Song pointed out that the geopolitical tensions, pandemic, supply chain disruptions, and the US sanctions on the company are significant challenges Huawei has experienced.
 
The report said the company maintained solid operations in 2021, achieveing  CNY 636.8 billion in revenue in 2021, and CNY 113.7 billion in net profits, an increase of 75.9 percent y-o-y.
 
The report also showed that company's research and development (R&D) expenditure reached CNY 142.7 billion in 2021, accounting for 22.4 percent of its total revenues, and bringing its total R&D expenditure over the past 10 years to over CNY 845 billion.
 
During the event, Huawei's Rotating Chairman Guo Ping said that the company embarked on a fast track of ecosystem development with a strong performance in 2021.
 
Meng Wanzhou, Huawei's CFO, noted that despite a revenue decline in 2021, the company’s ability to make profit and generate cash flows is increasing and it is more capable of dealing with uncertainty.
 
"Thanks to the enhanced profitability of its major businesses, the company's cash flow from operating activities dramatically increased in 2021, amounting to CNY 59.7 billion. Its liability ratio also dropped to 57.8 percent, and its overall financial structure has become more resilient and flexible,” he explained.
 
In 2021, Huawei's carrier business generated CNY 281.5 billion in revenue and helped carriers around the world deploy leading 5G networks, according to the report.
 
It also showed that Huawei's enterprise business grew in 2021 to CNY 102.4 billion in revenue.
 
Also in 2021, Huawei launched 11 scenario-based solutions for key sectors, including government, transportation, finance, energy, and manufacturing.
 
“2022 may prove to be more challenging yet, but we are confident in what the future holds. We will work closely with our global partners to overcome the challenges we face as we seek to pull through and develop as a business. We will also keep increasing investments in the future to create greater value for our customers, the communities where we operate, and the society that we serve. Our goal is to survive – and to do so sustainably,” Huawei said in the report.
Search Keywords:
Short link: