Etisalat Egypt nears 1 million subscribers

The subscriber base for Egypt's third mobile operator is fast approaching 1 million customers after 50 days.

Egypt's third mobile operator Etisalat has announced its subscriber base is fast approaching 1 million customers - just 50 days into its commercial launch.

Etisalat recently penned a channel agreement with i2 with the latter agreeing to distribute the operator's products. The Saudi distributor has exceeded forecasted sales of Etisalat products for the first week of the agreement - US$1.75 million - with time to spare.

Etisalat soft-launched its GSM and 3G network on May 1 having stumped up US$2.94 billion for the licence last year.

The operator has stated that it hopes to land 10 million subscribers by 2010 with an overall market share of 30% within the next three years. Etisalat competes with Vodafone Egypt and Mobinil in a market where mobile penetration stands at 22%, with an estimated 20 million subscribers as of May 2007.

Etisalat owns 66% of its Egyptian subsidiary, with the remainder divided among other consortium members including Egypt Post with 20%; The National Bank of Egypt with 10%; Nabotha with 1.5% and the Commercial International Bank that holds the remaining 1%.

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