e& is one of the largest listed businesses in the UAE and one of the largest listed telecoms providers in the Middle East by market capitalization.
The restructure splits the telco into several new divisions. The telecom division, which operates in 16 markets and includes its Etisalat UAE business, will remain the same.
"We want to really up our game," e& CEO Hatem Dowidar told CNBC in an exclusive interview. "We saw how the tech giants grew. We look now at their market caps and the returns they offer, and we feel jealous," he said. "Telcos generally, not just Etisalat, need to move out of the traditional telco model and move up the value chain because they have been and continue to face significant competition from OTT players, such as Google and Facebook, which are reaping all the benefits of an increasingly digitized world without paying a cent in the connectivity part of the equation," he said.Analysts at EFG-Hermes expect low-single-digit revenue growth and stable margins from e& in the year ahead.
"We're looking primarily at the moment at markets that have geopolitical stability as well as a mature regulatory environment," Dowidar said. "Even on the telco side, we want to create more diversification of sources of revenue and profit, as well as currency stability," he added.long running frustration
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