In the third quarter alone, e& generated a total net income of AED3 billion, which is half a billion dirhams more than its AED2.5 billion earnings in the same period last year, according to a statement from the company.

Consolidated revenues increased by 3.3% to AED13.4 billion, while Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) rose by 2.7% to AED6.9 billion.

As of Q3, e&’s subscribers had reached 14 million, representing a 4.7% increase from the same period last year. The company’s aggregate group subscribers also reached a new high of 167 million, marking a 3.3% growth.

The company once again reported the largest subscriber count in the Group’s history. In a report on the Abu Dhabi Securities Exchange (ADX), the business said, “This translated to net additions of 5.4 million during the last 12-month period, mainly due to strong subscriber acquisition in Egypt, Pakistan, UAE, Chad, Burkina Faso, Afghanistan, Togo, Niger, and Benin.”

The number of mobile subscribers increased by 4.6% annually to 12.3 million, with “solid” growth reported in the prepaid and postpaid segments of 3.8% and 11.5%, respectively. The number of broadband users overall stayed constant at 1.3 million.

Hatem Dowidar, Group CEO of e&, stated that the business will keep “pushing boundaries of technology and innovation.”

“We remain committed to lead the change by taking our first steps in sustainable mobility and transforming our business with AI powered solutions while realising our vision of digitally empowering societies,” CEO Hatem Dowidar added.

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Foreign investors executed capital market trades worth Dh218 billion in 2019 in the UAE markets, a rise of 20.4 percent as compared to 2018. The overall volume of trades executed by foreign investors in the Abu Dhabi Securities Exchange amounted to Dh112.75 billion last year, with a net investment of Dh9.54 billion from foreign investors.

The Dubai Exchange too witnessed Dh105.4 billion worth trades executed by foreigners transacted, with a net investment of Dh2.98 billion. While the Abu Dhabi exchange rose to 3.27 during the year and closed at 5,075.77 on Dec 31, the Dubai market fared much better by closing at 2,764.86, 9.3 percent higher during 2019.

In 2013, the UAE markets were elevated to the emerging markets league by index compiler MSCI. This has attracted both active and passive overseas investors, thus resulting in a higher long-term capital growth.

The Securities and Commodities Authority (SCA) has also drafted new policies to entice foreign investors. The SCA, in early 2019, elicited opinions on regulating cryptocurrencies in the nation.

This decision is likely to enhance the digital currency transactions in the second-largest economy in the Gulf region. The new policies will cover all facets of the cryptocurrency industry in the Emirates, starting from token issuance requirements to trading and safeguarding principles, without compromising on investor interests.

It also comprises measures to check money laundering, data security controls and rules on technology governance. The Abu Dhabi Global Market’s Financial Services Regulatory Authority provided a theoretical consent for the launch of three cryptocurrency exchanges to operate in the country.

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