TE signs $2.1B commercials agreements with Mobinil, Vodafone
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CAIRO: Egypt’s fixed line operator Telecom Egypt (TE) stated Tuesday to the Egyptian Exchange it had signed a commercial agreement worth 15 billion EGP ($2.1 billion) with cell phone operators Mobinil and Vodafone to provide infrastructure and international calls services starting January 2015.

TE explained that the infrastructure services agreements with Mobinil and Vodafone will run for five and three years respectively, while the international calls services agreements will be effective for four years each.

“TE’s target is to convert into an integrated telecommunication operator in the local market upon obtaining the long-awaited cell phone license,” TE’s CEO Mohamed el-Nawawy said in the statement.

Under the infrastructure agreements, TE will achieve at least 3 billion EGP in revenues during the term of the two deals, in return for technical and commercial privileges for the two cell phone operators, the company added in the statement.

During the first nine months of 2014, TE announced it had achieved accumulated revenues worth 9.15 billion EGP, marking a 9.5 percent growth compared with the same period a year earlier, according to the statement.

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