Emirates “&e”: Our investment in Vodafone is strategic and there is potential to increase it

Hatem Dowidar, CEO of Emirati Group (&e), confirmed, in an interview with Al-Arabiya on the sidelines of the Davos Economic Conference, that the company’s investment in Vodafone is a long-term strategic investment, because the prices are competitive as well as the high return on investment.

He claimed that Vodafone is one of the largest telecommunications companies in the world, in what gives the group (&e) exposure to the markets in Europe in which does not exist, indicating the possibility of increasing Vodafone’s share in future according to the company’s strategy.

The group (&e) announced that it has increased its stake in Vodafone Group from 1% to 12%, representing 3.2 billion shares of the company.

On the other hand, the CEO of (&e) Group specified that it is not the first time that the company has been affected by the decline in the Egyptian pound: in less than two years the numbers are back to higher levels than before the previous decline.

He pointed out that in the coming period, with the growth of the market and the excellent performance of the company in Egypt, it will be in able to achieve profits that exceed previous levels.

He added: “Egypt accounts for less than 10% in terms of revenues and profits for the group, so while one of our leading companies, the impact is acceptable and can be outweighed by good performance in other markets”.

He also stressed that e& Group is always looking to expand with provisions for long-term investment and announced plans to acquire a larger stake last year in Mobile in Saudi Arabia.

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