Egypt’s Orascom looks to invest in local sites
Egypt: Egypt’s leading telecommunications company Orascom Telecom (OT) said in a press statement on Wednesday that it is looking to increase its investment in local enterprises, including content providers.
Local Egyptian financial newspaper al-Mal reported that its new affiliate Orascom Telecommunications is eyeing a number of Internet websites on the local market in the hopes of acquiring and investing in their potential.
The new entity said it would concentrate much of the investment on broadband and Internet services in Egypt, Naguib Sawiris was reported to have said by the newspaper.
He added that the firm had set aside 500 million Egyptian pounds (US$83.6 million) for acquisitions and could increase this if other opportunities arise.
Khaled Bechara, OT’s CEO, said that they are looking into service portals such as Masrawy and hope to provide boosted broadband and VAT services outside Egypt.