TE secures the first 5G license in Egypt
Telecom Egypt secures the first 5G license in Egypt
17 January 2024: The National Telecommunications Regulatory Authority (NTRA) has granted Telecom Egypt the country's first license to install and operate fifth generation (5G) networks for mobile phones at a cost of USD 150m. The 5G license will be valid for a 15-year period.
Noting the importance of keeping up with world technology trends, Telecom Egypt took this step to expedite the nation's digitalization process and foster the expansion of various industries' advancements, which will ultimately benefit the entire economy and improve Egypt's international ranking in the ICT sector.
5G technology will provide lower latency, higher capacity, and increased bandwidth, which will improve the overall customer experience thanks to seamless connectivity, particularly during periods of usage spikes. Businesses will also be able to better analyze big amounts of data, helping them to improve their efficiency and scale up.
Mohamed Nasr, Managing Director and Chief Executive Officer at Telecom Egypt, commented:
"We are delighted that Telecom Egypt's has been awarded the first 5G license in Egypt. 5G is the backbone of future technology development, and when combined with other technologies, e.g. fiber optic technologies, will revolutionise our everyday life and transform the way businesses perform. Being the first company to receive this license also reinforces the strength of our infrustructure and our ability to provide the best service in the market. Our capital expenditure over the past few years is bearing fruit. We plan to leverage our licenses to our advantage to enhance the customer experience, fulfill the expectations of both consumers and businesses, while maximizing shareholder value."
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About Telecom Egypt
Telecom Egypt is the first integrated telecom operator in Egypt providing all telecom services to its customers including fixed and mobile voice and data services. Telecom Egypt has a long history serving Egyptian customers for over 160 years maintaining a leadership position in the Egyptian telecom market by offering its enterprise and consumer customers the most advanced technology, reliable infrastructure solutions and the widest network of submarine cables. Aside from its mobile operation "WE", the company owns a 45% stake in Vodafone Egypt. Telecom Egypt's shares and GDRs (Ticker: ETEL.CA; TEEG.LN) are traded on The Egyptian Exchange and the London Stock Exchange. Please refer to Telecom Egypt's full financial disclosure on ir.te.eg
For more information, contact:
The investor relations team
Email: investor.relations@te.eg
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