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25% decline in demand for international services because of political crisis: Vodafone - Daily News Egypt

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25% decline in demand for international services because of political crisis: Vodafone

EGP 35bn are company's total investment so far in Egypt

Vodafone Egypt supported community service associations and charities with EGP 300m over the past years, CEO Ahmed Essam said.

It is possible to increase the investments allocated to the Egyptian market in light of spending the bulk of allocated investments for the Egyptian market, estimated at EGP 9.5bn until 2017.

He confirmed that the company’s investments reached EGP 35bn since the beginning of its activity in the Egyptian market.

During their meeting with President Abdel Fattah Al-Sisi within the framework of his visit to Britain, Vodafone Global Head assured him of the company’s commitment towards its investments in the Egyptian market.

Essam denied Vodafone seizing Telecom Egypt’s shares in the company, but the former board of directors has not yet made a decision about distributing them. The international services sector has been negatively impacted by the suspension of touristic traffic. He estimated that the demand for international services decreased by 25%.

Egypt is currently suffering from a halt in tourism since the Russian plane crash that took off from Sharm El-Sheikh airport and the evacuation of foreign tourists, especially Russian tourists, whose rate of tourism was the highest.

The government is currently working on promoting tourism movement by broadcasting messages to reassure other countries that Egypt will be safer, along with security measures that were taken for tourists.

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