Etisalat Misr is to pump new investments worth EGP 4.5 billion (about $282.4 million) in the Egyptian market with an aim of upgrading networks, improving services, and expanding the company’s activities in data transfer, supporting the internet of things and artificial intelligence (AI), according to CEO Hazem Metwally.

Metwally made his statements during a meeting held Sunday with head of Egypt’s General Authority for Free Zones and Investment (GAFI) Mohamed Abdel Wahab to discuss the company’s future plans in the domestic market.

Metwally added that Etisalat has invested around EGP 50 billion (about $3.1 million) since the onset of its investment in the country, which started in 2007, praising Egypt’s investment climate that encouraged the company to raise its capital outlay.

Metwally also said that given that Egyptian Gamal El-Sadat is the president of Etisalat and head of the Egyptian-Emirati Business Council, Etisalat Misr is looking forward to more cooperation with GAFI and attracting more Emirati investment to the Egyptian market.

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