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e& announced its consolidated financial results for fiscal year 2023.

Financial Highlights for FY 2023




% Change


AED 53.8 billion

AED 52.4 billion


Net Profit

AED 10.3 billion

AED 10 billion



Earnings per Share

AED 1.18

AED 1.15


Aggregate Group Subscribers

169 million

163 million









 (*) At constant exchange rates, revenue increased by 8.3% and EBITDA increased by 3.7% year-over-year.

Chairman of e&, H.E. Jassem Mohamed Obaid Bu Ataba Alzaabi, said, “In 2023, e& grew from strength to strength. We led technology-driven innovations, navigated challenging global market conditions, and emerged stronger, further solidifying our position as a leading global technology player. Our robust financial performance with a record net profit of AED 10.3 billion, and strong top-line growth of 3% is a testament to our resilience, setting e& on the right path for future growth.”

Notably, e&’s consolidated revenues reached AED 53.8 billion, a growth of 8.3% year-over-year, at constant exchange rates, underpinned by the Group’s successful business transformation, expanding the company’s verticals and diversifying its revenue streams. The consolidated net profit is recorded at AED 10.3 billion, a growth of 3% year-over-year.

Hatem Dowidar, Group Chief Executive Officer of e&, said that the strong financial performance achieved by e& in 2023 “is a strong testament to the success of our business transformation strategy.”

Moreover, consolidated EBITDA increased by 3.7% year-over-year at constant exchange rates, to AED 26.1 billion, leading to an EBITDA margin of 49%, highlighting the strong profitability of e&’s operations.

Reporting strong growth in subscriber base, e& UAE recorded more than 14 million subscribers— an increase of 3% compared to the previous year— and the Group’s aggregate subscribers reached 169 million— an increase of 4% over 2022.

Exclusive: e&’s Journey to #MakePossible as a Global Technology Conglomerate

“We continue to be inspired by UAE leadership; their determination to push boundaries sets a remarkable example of what is possible when a clear vision aligns with excellence in execution. Similarly, our commitment to making e& an embodiment of innovation, progress, and growth remains unwavering. Our vision is grounded in the dual objectives of delivering sustainable business growth and pioneering digital transformation technologies. From cementing our diversified business pillars to introducing new, impactful products and services, we are committed to empowering our 169 million subscribers across our operations,” H.E. Alzaabi added.

Underlining the Group’s commitment to value creation for its shareholders, e&’s Board of Directors proposes a dividend of AED 0.40 per share for the second half of 2023 representing a total dividend of AED 0.80 per share for FY2023. In addition, the board recommended a new progressive dividend policy with an increment of 3 fils every year starting from 2024, bringing the DPS to 89 fils by FY2026.

e& continued to thrive as a leader in MEA, remaining one of the world’s most valuable and strongest brands and becoming the fastest-growing technology brand in the region. This highlighted our evolution into a global technology group supported by the strong performance of our brand portfolio. We will continue to push our boundaries to be at the forefront of the digital era by developing next-generation digital connectivity and cutting-edge solutions,” Dowidar continued.

Also Read: e& Group CEO to Join Vodafone’s Board

Key Operational Highlights

Expressing his appreciation and gratitude to the team and their customers, Dowidar added, “Moving forward, I am confident that our commitment to connecting people, businesses, and communities through technology will continue to drive sustained future growth.”

In 2023, e& capitalized on every opportunity to address the customer’s current and future needs, delivering next-generation solutions that enable the successful digital transformation of industries and bring ease and simplicity to people’s lives.

e&'s diverse portfolio and expanding reach, driven by its core telecoms business, e& UAE, and e& international and the specialized business pillars of e& life, e& enterprise, and e& capital, underscore its commitment to innovation and sustainability. e&'s dedication to next-generation technologies, including AI-driven innovation, cloud services, cybersecurity, and IoT, positions it at the forefront of the digital era.


e& signed a binding agreement to acquire PPF Telecom assets in Europe, and in addition to becoming the largest shareholder in Vodafone, e&’s strategic agreements included acquiring a majority stake in Careem's Super App and completing the ServiceMarket acquisition. e& is also the Most Valuable Brand Portfolio in the MEA region, worth over USD 17 billion, according to the 2024 Brand Finance Global 500 Report released earlier this year.

In line with its sustainability goals, e& committed to net zero Scope 1 and 2 carbon emissions across its operations by 2040. e& also launched Project Life— its sustainable procurements program— with the goal of reducing Scope 3 emissions by 25% in 2030. In addition, e&’s green initiatives include the Innovation Hub for Power Solutions and eco-friendly Green SIM Cards.

During GITEX 2023, e& achieved a new 5G milestone with a download speed exceeding 13Gbps, introduced the world’s first AI-empowered autonomous telecom store 'EASE,' and launched the Electric Vehicle (EV) charging service 'Charge&Go.' Collaborations with Ericsson, Earthlink, Intel, and global alliances in AI for telecoms showcase e&'s commitment to technological advancements.

On the global front, e& joined forces with SK Telecom, Deutsche Telekom, and Singtel to launch a global alliance in AI for telecoms, while a partnership with Indosat promises to improve voice communication between Indonesia and the UAE by providing high-quality IDD services.

The Group continued reaffirming its commitment to gender diversity through collaborations with Nokia and UN Women through the 'Women in Leadership' program to increase the number of women in decision-making roles within the tech sector.

Exclusive: e& Committed to Revolutionizing the Technology Business

e& UAE

e&’s telecom brand in the UAE emerged as the strongest telecoms brand in the world, with a AAA rating. In an exclusive interview with CEO Masood M. Sharif Mahmood, he stated that “to stay ahead of the competition, etisalat by e& [e& UAE] regularly reviews its strategy and takes essential steps to leverage its strong market position.”

Technological milestones include completing the world's first 1.6Tbps per wavelength trial on Optical Transport Network, the commercial deployment of 5G Standalone (SA) for mobile users, and the successful 5G SA service launch for Fixed Wireless Access (FWA) users enabling seamless voice and data services across the UAE.

Also Read: etisalat by e& Attains Crucial Milestone in Global 5G MmWave Deployment

At COP28, e& UAE was the first to deploy the first net-zero 5G Massive MIMO site in the MENA region, integrate a zero-footprint RAN site within its network, and contribute to UAE's Net Zero by 2050 initiative. Cybersecurity efforts included an alliance with the UAE Cyber Security Council and the graduation of the first cohort from the Cyber Sniper Program.

Noteworthy achievements include successful trials of high-capacity transmission networks, 5G milestones, and implementing the first 5G SatComs in the region. Digital product and service diversification led to the growth of the 'Smiles' online marketplace, reaching more than 3.5 million, and the 'GoChat' super app, achieving more than 7.5 million downloads.

e& UAE also launched tailored solutions for start-ups and enterprises including Wi-Fi-as-a-service to improve business connectivity and continue with its innovative platform and 'Hello Business Pitch’, to support the growing entrepreneurial ecosystem in the UAE. It also introduced the 'Five' app exclusively for blue-collar workers using the 'Five' SIM.

Maintaining its network leadership, e& UAE was ranked no. 1 globally in 5G mobile download speeds (December 2023) by Ookla.

e& international

e& international launched the 'e& Partner Networks' program to support global telecom operators like Tunisie Telecom, Sudatel, Perfectum Mobile, and Azercell Telecom across five countries (Tunisia, Azerbaijan, Uzbekistan, Sudan, Senegal).

Moreover, e& international, through its joint venture with Circles, launched digital sub-brands, elevating the digital experiences of MNOs' customers.

In an exclusive interview with CEO Mikhail Gerchuk, he explained that “e& international’s strategy is to expand our telecom footprint to stable markets; to expand our customer base and operations in order to benefit from economies of scale by developing great digital products and launching them in those markets.”

Strategic partnerships, including Vodafone Business, resulted in the acquisition of a major customer, with plans to collaborate on software-driven networks for multinational enterprises. etisalat by e& Egypt partnered with the Sovereign Fund of Egypt to launch 'Erada Microfinance,' expanding financial services for micro and small enterprises; and deployed a Smart Connected Site to reduce fuel costs and CO2 emissions by up to 40%, as well as decrease the reliance on fossil fuels.

e& international also established the AI Centre of Excellence (AICoE) for advanced analytics, leveraging machine learning and AI solutions to offer personalized use cases to global clients in telecoms and other industries.

Exclusive: The e& international Mantra: Delivering on Promise and Providing Great Customer Experience

e& life

e& life reached new heights in 2023, redefining media, entertainment, and digital financial services. evision (alongside STARZPLAY) continued to pioneer MENA entertainment, acquiring exclusive sports rights for major cricketing broadcasts, launching the 24/7 GolfLife channel, and securing exclusive MENA broadcasting rights for popular documentaries. evision also unveiled its own OTT free-to-watch streaming platform— STARZ ON— offering a diverse range of content, including sports, all available for free.

In an exclusive interview with CEO, Khalifa Al Shamsi, he shared their vision, “At e& life, our mission is to integrate the digital world into our customers' lives seamlessly. Through our advanced platforms, we deliver various services spanning entertainment applications, retail, remote services, and financial technology. We're dedicated to enriching the daily experiences of our users, bringing them both entertainment and utility.”

e& life, a fintech leader, pledged sustainability with the MENA Fintech Association, joining META, Mastercard, and Visa. The alliance is committed to sustainability integration, audits, awareness, collaboration on initiatives, and promoting sustainable fintech products. e& money partnered with Mastercard to launch a digital-first prepaid card, marking it as the first telco-backed issuance in the UAE. The card offers the most rewarding prepaid card loyalty programme in the UAE, providing customers with a one percent cash reward on all card spends. Additionally, there has been a significant growth in remittance transactions compared to last year.

e& enterprise

In 2023, e& enterprise solidified its commitment to spearheading the digital transformation across the region. This was achieved through significant milestones such as the revitalization of the e& enterprise Innovation Centre, the introduction of the AI as a service (AIaaS) proposition, strategic collaborations with the Abu Dhabi Department of Economic Development, and partnerships with Maxbyte, Al Masraf, Tap Payments, Snowflake, and Informatica. These initiatives bolstered e& enterprise's position in the sectors of Industry 4.0, manufacturing, data, and digital payments.

In an exclusive interview with CEO, Salvador Anglada, he affirmed that 2023 was a strong year and that e& enterprise’s “innovative value propositions have enabled more sustainable developments, safer cities, better government services, connected healthcare, enriched education, the future of banking, highly automated industries, manufacturing and logistics.”

e& enterprise also played a pivotal role in advancing sustainability initiatives by launching its ‘sustainability as service’ proposition in partnership with Microsoft, which will further be strengthened by a partnership with World Wide Generation (WWG) to launch a global sustainability exchange platform that integrates sustainable data, solutions, and finances. e& enterprise also launched the Sustainability Consultancy Programme, offering qualifying organizations a free consultancy and GHG assessment to promote and foster sustainable business practice in the region.

Also Read: e& enterprise Embarks on Advanced Telemedicine Services Journey

e& enterprise was also recognized as a major player in the IDC Worldwide CPaaS Marketscape Vendor Assessment for its customer experience proposition, engageX, which has also expanded its footprint to serve clients in Saudi Arabia.

A JV with Bespin Global was also completed, solidifying e& enterprise's leadership position in the regional cloud migration domain. Acquiring a majority stake in Beehive, e& enterprise also entered the SME lending market while the UAE Trade Connect (UTC) consortium continues to grow with the addition of non-banking members such as DP World, reaching a total of 15 members.

Through Help AG, the cybersecurity arm of e& enterprise, the company launched the UNIFY SaaS platform, expanded to Egypt, and established the biggest cyber defence center in the region.

e& capital

e& capital continued to drive innovation and investments in promising startups, enabling cutting-edge technologies. At the forefront of technological innovation, it participated in the USD 25 million Series A funding round for Ikigai Labs— a startup committed to bringing generative AI to tabular data.

e& capital also led a Series A funding round for Maxbyte, driving the Industry 4.0 Revolution in the MENA region. Additionally, e& capital led a Series B funding round for Airalo— the global eSIM marketplace enabling travellers with seamless connectivity.

In 2023, e& achieved significant milestones, marking its successful evolution into a global technology company and maintaining its status as one of the world’s most valuable and strongest brands. The Group’s commitment to excellence, innovation, sustainability and robust financial performance exemplifies its leadership in the fast-changing digital landscape and reflects its mission to shape a promising future.

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