Hatem Dowidar, CEO of the Emirati (&e) Group, 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 prices are competitive in addition to the high return on investment.
He said that “Vodafone” is one of the largest telecommunications companies in the world, as it gives the (&e) group exposure to markets in Europe in which it is not present, indicating the potential to raise the share in the future according to the company’s strategy. Our investment in Vodafone is strategic and there is potential to increase it.
The (&e) group announced that it had increased its stake in Vodafone Group by 1% to 12%, which represents 3.2 billion shares of the company’s shares.
On the other hand, the CEO of (&e) Group indicated that it is not the first time that the company has been affected by the decline of the Egyptian pound. Less than two years later, the numbers are back to levels higher 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 able to achieve profits that exceed previous levels.
He added, “The Egypt branch accounts for less than 10% in terms of revenues and profits for the group. Therefore, although it is one of the largest debt companies, the impact is acceptable and can be overcome by good performance in other markets.”
He also pointed out that the (&e) group is always looking to expand with provisions for long-term investment, and last year it announced its intention to acquire a larger stake in Mobily Saudi Arabia.