Etisalat Misr has celebrated its first 50 days of operation, and has announced that it has signed up close to a million customers already. Etisalat launched Egypt’s third wireless network in May, becoming the country’s first 3G and 3.5G provider.
Etisalat Misr is 66%-owned by UAE-based Etisalat, with the remainder split between domestic partners including Egypt Post, National Bank of Egypt and Commercial International Bank (Egypt). The firm has committed to selling a stake of around 30% via a public offering; no schedule for the sale has been announced, although it is unlikely to occur before 2009. The company is aiming to have signed up ten million subscribers by 2010.