Three more telecom companies secure 5G licenses

Good afternoon, folks, and a warm welcome back after the long weekend.

THE BIG STORY TODAY

The telecoms sector is gearing up for the launch of 5G: The National Telecommunications Regulatory Authority (NTRA) inked USD 450 mn worth of agreements at an event today that granted 5G service licenses to Vodafone Egypt, Orange Egypt, and e& Egypt. Vodafone Egypt is planning to launch its 5G services within six months, according to CEO Mohamed Abdallah.

And then there were four: The companies that secured the USD 150 mn licenses will join Telecom Egypt, which secured the license at the start of the year.

Why this matters: 5G can deliver speeds up to 100x faster than 4G with ultra-low latency that could allow everything from remote surgeries to super-fast downloads and a “true” internet of things. It’s slowly rolling out in developed markets, and when it works (and it’s not chewing up your battery), it will be a game changer.

THE BIG STORY ABROAD

The world’s business press is squarely focussed on taking stock of the war on Gaza one year into the assault on the enclave, with business news firmly pushed down the digital front page. With over 41k killed in Gaza and much of the densely populated area now reduced to rubble, fear of what’s to come far outweighs any hopes of an approaching ceasefire in the global press.

WHILE IN BUSINESS NEWS- BP has abandoned its ambitious plan to cut oil and gas output 25% by 2030 as the global energy giant seeks to regain investor confidence and boost profitability amid supply chain issues, high interest rates, and costly renewables projects, according to three sources speaking to Reuters. BP CEO Murray Auchincloss is expected to officially drop the target and reveal the company’s new strategy in February.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• The stakes are high for Egypt’s financial future as 2025 approaches: Cautious optimism is returning to Egypt’s business landscape after a tough year. We turned to three industry leaders to share their expectations on pressing topics such as M&A activity, debt flows, the all-important FX rate for the coming year, as well as key pieces of legislation and regulation now in the pipeline.
• Ras El Hekma officially kicks off construction with a raft of agreements: Abu Dhabi wealth fund ADQ has chosen portfolio company Modon Holding to be the master developer on its landmark USD 35 bn Ras El Hekma project on the North Coast.
• Growth slowed 1.4 percentage points last fiscal year: GDP growth for the fiscal year 2023-2024 came in at 2.4%, driven by geopolitical tension and volatility in the global economy.

☀️ TOMORROW’S WEATHER- Temps have remained fairly stable recently, with tomorrow’s temperature expected to reach a high of 32°C and a low of 23°C in the capital, according to our favorite weather app.