e& transformation is backed by strong financial performance, says Chairman

Following the announcement of e&’s transformation as the global technology conglomerate, the Group has already begun to accelerate its digitalisation leadership by executing its ambitious digital future strategy. Exploring adjacencies can only help to magnify company growth across all sectors by refreshing the Group’s business pillars in keeping with its aims for geographical development, deeper market penetration, lucrative ventures and acquisitions.

H.E. Jassem Mohamed Bu Ataba Alzaabi, Chairman of e&, has highlighted that the Group’s strong financial performance and stellar business results across the markets where it operates have placed it on solid footing start a new chapter of success. 

The Chairman was speaking at a Media Majlis on 26 February 2022, where the Group shared how well-placed it was to drive its aspirations through specialist business pillars. 

Since its inception in 1976 as the UAE’s first telecom firm, this multibillion-dollar enterprise has experienced a string of triumphs. In January 2022, the Group was ranked as the world’s strongest telecoms brand. It also ranked first among the top ten most valuable listed firms in the UAE according to Forbes MENA. It just recorded a good net profit of AED 9.3 billion in 2021, a 3.2 percent year on year rise. Its total subscriber base has likewise increased by 3.0% to 159 million.

The Group has also been aggressive in its acquisition strategy and in its pursuit of strategic partnerships that are set to revolutionise the business landscape. 

H.E. said, “Our exemplary financials and strong standing in the market demonstrate our strength and capability to take our success to new heights as we refocus our efforts in investing in breakthrough technologies, accelerating in-depth market penetrations and capitalising on solid ventures with key industry players. 

“Moreover, the digital revolution and its impact on the business world has given us ample confidence to expand even further through the business pillars.”

H.E. highlighted what needs to happen for the Group to ride the change. He said: “Driven by our track record of success and milestone achievements we have witnessed so far, we are confident in leading the digitalisation conversation. It is our determination to accomplish more for the benefit of our customers and shareholders through our commitment to enhancing the quality of our solutions and services. We are the bridge builders who have mastered the art of combining our scalable technological competencies with our robust telecoms expertise so that we can drive positive change for our customers, unlock more shareholder value and strengthen our global presence.

“Through our main business pillars, we are creating a future-ready business model that celebrates our past and embraces the opportunities ahead of us.” 

Hatem Dowidar, Group CEO, e&, explained the successes that the Group has had in maximising value from the core, expanding and solidifying its regional footprint leadership, as well as the strong financial results. He stressed the importance of embracing a progressive outlook, harnessing a growth mindset to see beyond the world of telecoms so as to create a bright, digital future. 

He said: “Technological disruption brought with it winds of change that we’ve never seen before. Instead of us standing at the crossroads, wondering what to do next, we started to ask, “How can we capture and accelerate growth and still stay strong and successful?” The answer is plain to see. Our quest to go beyond the realms of telecom exhorted us to ideate, design and deploy solutions that would transform the lives of our customers and advance the digitalisation journey of enterprises.

“Part of this journey involved us taking massive steps to explore adjacencies, looking at how we can create focussed digital units, building strong partnerships and exploring collaborative opportunities that would attract out-of-industry partners and investors. We are pleased with the progress made thus far, indicating that the Group is ready for growth, quipped with clear strategic imperatives that will accelerate digital transformation.” 

H.E. spoke at length about the importance of understanding how the work at e& changes people’s lives at every touchpoint. In his parting words, he said: “While our robust financial performance has given us a clear snapshot of our readiness to embark on this new journey, we are also constantly focussing on how our work impacts people’s lives. One of the key reasons that we have been able to rise to any challenge and stay agile constantly, is because we believe that we are making a difference in the lives of millions. Enhancing customer experiences and empowering societies have always been our driving forces in everything we have done in the past and what we will achieve in the future. 

“We will continue to step up and innovate at every opportunity presented to us in a time of accelerated digitalisation.” 

Commenting on the Group’s commitment to the critical role of living by sustainability principles, Dowidar highlighted that they have put several measures in place to address the footprint across the board. E&’s ESG rating was upgraded from ‘BBB’ to ‘A’ by MSCI Global Index, after it launched the sustainability framework and enhanced policies in line with international best practices. 

Dowidar said: “To continue to deliver on the agenda of sustainability, we have joined ICT sectors for Paris Agreement commitments to Net Zero emission by 2050. We are also looking at accelerating the decarbonisation of activities by reducing GHG by 2030. We have a clear responsibility to drive sustainable operations for the sake of the future generations and so we will do what it takes to tackle issues such as climate change, global warming and environmental conservation.” 

To de-risk against market challenges, e& will begin on the next round of fundamental transformation in the UAE telecom industry. Scaling synergies for international expansion will be driven by diversifying footprint risks and decreasing reliance on domestic markets. Finally, a more transparent and agile company model is being developed in order to facilitate more strategic alliances, investments, and M&A prospects.