An interesting fireside discussion took place between Toni Eid, founder of Telecom Review Group and CEO of Trace Media International, and Hatem Dowidar,Group CEO, e& during the 16th edition of the Telecom Review Leaders' Summit about e&'s transformational journey.
Mr. Eid kicked off the discussion with questions about all the new developments in Etisalat by e& as a company, from rebranding to acquisition. Mr. Dowidar mentioned that this year was a “rebirth of e& as a brand, and this happened because the company has the ambition to create a technology powerhouse.” He also briefly mentioned what is next for e&, what the expected changes are, what new projects were introduced to the market and what new acquisitions took place, not only in telecom but in any companies that help us grow.
Furthermore, Etisalat by e& money became a different product in the fintech sector, and the company has developed a lot this year after the rebranding, specifically “because of the different services we provide, and we started to look at what is the modification between us and all new startups coming in our way.”
“I expect to see more and more of these acquisitions, and we are open to anything that goes in line with our strategy and brings money to our stakeholders,” added Dowidar.
Dowidar noted that “we're looking at the fintech space, especially with e& cash.” They have started looking at the difference between a fintech and a startup, and the advantage they have is the customer base: “I expect to see more of such acquisitions as we shift from telecom-centric to tech player.”
Mr. Eid offered one more question: “Are you looking for more acquisitions?”
Mr. Dowidar noted that the next such procurement will be in line with the strategy and will be profitable for the company, aiming to create synergies to grow faster and acquire more shares. The market should expect more and more general acquisitions, not only those in telecom.