e& (formerly Etisalat) is one of the largest telecommunications groups in the world by market capitalisation and the GCC’s most internationally ambitious telecom company. Listed on the Abu Dhabi Securities Exchange (ADX), e& operates in 16 countries across the Middle East, Africa, and Asia, serving over 160 million customers. Its rebrand from the Etisalat name to “e&” in February 2022 signalled a strategic transformation — from a telecom operator to a “global technology and investment conglomerate.”
Core UAE Telecommunications Business
In the UAE, e& UAE (the UAE operating entity) is the dominant telecommunications provider, with its competitor du (EITC) holding the second slot in the duopoly market structure established in 2006. e& UAE controls the majority of the UAE’s mobile, fibre broadband, and enterprise connectivity market. The UAE’s high smartphone penetration, high average revenue per user (ARPU), and rapid 5G rollout make the UAE business one of the most profitable telecom operations per customer globally.
e& UAE launched 5G services in 2019, among the earliest 5G deployments globally. By 2024, the UAE had one of the world’s highest 5G coverage and adoption rates — a reflection of both e&’s investment in infrastructure and the UAE’s generally tech-forward regulatory environment. The 5G network underpins enterprise IoT, smart city applications, and fixed wireless home broadband services.
International Expansion: The e& Strategy
e&’s international portfolio is managed through two major subsidiaries: e& International (covering the Middle East and Africa) and e& Pakistan. Through Maroc Telecom (in which e& is the largest shareholder), e& has operations across Morocco, Mauritania, Mali, Burkina Faso, Gabon, Côte d’Ivoire, Benin, Togo, Niger, Chad, Central African Republic, Cameroon, and Rwanda — a remarkably large African footprint for a Gulf-headquartered company. In 2022, e& acquired a strategic stake of approximately 9.8 percent in Vodafone Group — one of the most significant cross-border telecom investments by a GCC company in a major Western European operator.
The Technology Pivot
The rebrand to “e&” and the articulation of a technology conglomerate strategy reflects a wider ambition to move beyond connectivity revenues toward digital services, fintech, cloud computing, cybersecurity, and AI. e& has established e& enterprise as a B2B technology and managed services arm targeting UAE and international corporate clients; e& life as a consumer digital services platform; and e& money as a fintech play covering payments, remittances, and financial services. These segments are early-stage relative to the core connectivity business but represent the areas management expects to drive growth as telecom margins face pressure from maturing markets.
Financial Performance
e& Group reported consolidated revenues of approximately AED 57 billion in 2023, with net profit of approximately AED 10.8 billion. The company maintains an investment-grade credit rating and a consistent dividend policy attractive to yield-seeking institutional investors. Market capitalisation fluctuated in the AED 170-220 billion range in 2024, making e& one of the largest listed companies on the Abu Dhabi Securities Exchange and one of the top telecom companies globally by market capitalisation.
Related Reading
See also: UAE Tech Startup Ecosystem 2026, UAE Economy 2026, and GCC Cybersecurity 2026.
Frequently Asked Questions
What does e& stand for?
e& (pronounced “e-and”) is the brand name adopted by Etisalat Group in February 2022. The name was chosen to reflect the company’s expanded identity beyond telecommunications — the “&” symbol suggests connection, combination, and possibility across multiple business areas. The full corporate name remains Emirates Telecommunications Group Company PJSC, but the market-facing brand is e& for the group and its subsidiaries (e& UAE, e& International, e& enterprise, etc.).
Does e& own a stake in Vodafone?
Yes. e& acquired approximately 9.8 percent of Vodafone Group shares in 2022, becoming Vodafone’s largest individual shareholder. The investment, valued at approximately $4.4 billion at acquisition, was framed as a strategic partnership opportunity rather than a takeover bid. The stake gives e& a significant presence in one of the world’s largest telecom operators and potential access to Vodafone’s European market operations, enterprise business, and technology capabilities.
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