In a groundbreaking move, the United Arab Emirates’ renowned conglomerate, E&, has pledged a monumental $6 billion investment towards bolstering technology infrastructure across 16 nations. This ambitious initiative marks a significant leap forward in the realm of global technological advancement and underscores the UAE’s commitment to driving innovation and progress on an international scale.
With technology serving as a cornerstone for economic growth and societal development in today’s interconnected world, E&’s strategic investment aims to bridge the digital divide and empower communities worldwide. By leveraging cutting-edge technologies and fostering collaboration between nations, this initiative seeks to unleash the transformative power of innovation, propelling societies towards a brighter, more sustainable future.
At its core, the endeavor embodies the UAE’s vision of harnessing technology as a catalyst for positive change and prosperity. By channeling resources into key areas such as digital infrastructure, connectivity, and innovation hubs, E& aims to unlock new opportunities for economic diversification, job creation, and knowledge sharing.
Furthermore, this ambitious venture underscores the UAE’s role as a global leader in technology investment and innovation. With a proven track record of fostering a thriving ecosystem for tech startups and multinational corporations alike, the UAE is well-positioned to drive forward the digital agenda on a global scale.
UAE’s telecommunications and technology giant, E&, previously known as Etisalat Group, has committed a staggering $6 billion over the next two years to elevate digital capabilities and bolster economies across the diverse markets it serves spanning three continents.
Announced at the Mobile World Congress in Barcelona, the investment pledge from 2024 to 2026, directed towards the International Telecommunication Union’s Partner2Connect Digital Coalition, will encompass 16 markets. This coalition, as described by the Geneva-based ITU, aims to mobilize resources and forge partnerships to achieve universal and meaningful connectivity.
E&’s investments are poised to enhance connectivity, make telecom services more accessible, and promote the utilization of artificial intelligence, thus contributing to economic growth and innovation while reducing disparities in a bid for a more inclusive and interconnected digital world, as stated by Hatem Dowidar, the group’s chief executive.
The markets covered by E&’s investments include the UAE, Saudi Arabia, Afghanistan, and several African nations such as Benin, Burkina Faso, and Ivory Coast among others. The focus remains on fostering digitally inclusive economies to improve lives, while facilitating the adoption of digital services like mobile financial solutions, telehealth, and education in underserved regions.
Moreover, E& plans to reinvest in futuristic network infrastructure to expedite technology adoption, enhance fiber penetration, and elevate mobile network speeds, thereby enriching customer experiences and enabling broader economic participation.
E&’s commitment to Partner2Connect echoes similar pledges made by other technology entities, including China Telecom, Veon, and Qatar’s Ooredo, collectively amounting to over $46 billion in the past two years. Doreen Bogdan-Martin, secretary-general of the ITU, expressed optimism about achieving universal meaningful connectivity, thanks to these collective efforts.
In a rapidly evolving telecommunications landscape marked by technological disruptions, E& remains proactive in seeking acquisitions and partnerships to diversify its portfolio, expand its reach both locally and internationally, and fortify its consumer base.
Buoyed by robust economic growth in its markets, E& reported a 3% increase in its 2023 profit to $2.8 billion, with revenue climbing 2.5% annually to $14.65 billion. Moody’s Investors Service projects E& to lead revenue growth in the GCC telecoms sector this year, as companies fortify their foothold in new international markets.
As the world navigates through unprecedented challenges and opportunities, the significance of investing in technology infrastructure cannot be overstated. By fostering a conducive environment for technological advancement and collaboration, E&’s commitment not only accelerates progress within the UAE but also catalyzes positive change across borders, leaving a lasting impact on the global technological landscape.
