Etisalat to invest more than Dh3 billion in network upgrades in 2017

Etisalat’s net profit attributable to equity holders in the three months ended June 30 reached Dh1.96 billion. (Reuters)
Updated 08 October 2017
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Etisalat to invest more than Dh3 billion in network upgrades in 2017

DUBAI: Etisalat plans to invest more than Dh3 billion (SR3.06 billion) this year to modernize and develop its infrastructure and expand mobile and fiber optic networks, Internet of Things, artificial intelligence and robotics across the Emirate, the group’s chief executive said.
The UAE’s biggest telecoms operator has so far invested an estimated Dh31 billion into its networks, Saleh Al-Abdooli said.
“Due to these investments, 3G network coverage has reached 99.58 percent while 4G LTE is at 97.78 percent. Home-to-the-home, FTTH, penetration has grown to reach 93.28 percent,” Al-Abdooli said.
This helped position the UAE as a market with the highest FTTH coverage in the world last year among all its global counterparts.”
Al-Abdooli’s comments came ahead of the opening of GITEX Technology Week at the Dubai World Trade Center, which will run until October 12.
“We are now working to complete the 5G network infrastructure to align it with the international standards for the launch in 2020. Etisalat is also preparing the infrastructure for the Expo Dubai 2020 network to become one of the fastest, smartest and most advanced networks in the world to ensure that visitors enjoy an exciting digitally enhanced experience,” Al-Abdooli said.
In its expanded earnings report for the second quarter, Etisalat said net profit attributable to equity holders reached Dh1.96 billion compared with Dh2.31 billion last year, as revenue were at Dh12.83 billion from Dh12.32 billion previously mainly because of a depreciation of the Egyptian pound.


EU to curb steel imports after Trump tariffs

Updated 31 min 31 sec ago
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EU to curb steel imports after Trump tariffs

BRUSSELS: The European Union will launch measures on Thursday designed to prevent a surge of steel imports into the bloc following the US imposition of tariffs on incoming steel and aluminum, the EU’s official journal said.
The European Commission has proposed a combination of a quota and a tariff to counter EU concerns that steel products no longer imported into the United States would instead flood European markets.
The measures are the third part of the EU’s response to US tariffs. It has also imposed tariffs on €2.8 billion ($3.3 billion) of US imports, including bourbon and motor bikes, and has launched a legal challenge at the World Trade Organization.
The quotas for 23 steel product categories have been set at the average of imports over the past three years, with a 25 percent tariff set for volumes exceeding those amounts. These quotas are allocated on a first come first serve basis.
The main exporters of steel to the EU are China, India, Russia, South Korea, Turkey and Ukraine.
The Commission said that the EU steel industry was “in a fragile situation and vulnerable to a further increase in imports,” with US tariffs reducing its capacity to sell there making them even more vulnerable.
“In the absence of provisional safeguard measures, it is likely that the situation will develop into actual serious injury in the foreseeable future,” the EU official journal said.
European Trade Commissioner Cecilia Malmstrom said in a statement that the bloc was faced with no choice given the threat of serious harm to EU steelmakers and workers, but that EU markets would remain open with traditional trade flows.
The Commission will continue its investigation, which was launched on March 26, until the end of the year. The provisional safeguards can be in place for up to 200 days.
Imports of 28 products increased by 62 percent from 2013 to 2017, most noticeably in 2016 and with further rises this year. However, for five products, imports did not increase, leading the Commission to exclude them from its measures.
For 12 steel product categories, imports from countries including China, Russia and Ukraine are already subject to anti-dumping and anti-subsidy duties. The Commission said it would consider suspending or reducing them to avoid the imposition of “double duties.”
EU manufacturers of the products ranging from hot and cold rolled sheets, plates, coated steel and tubes include ArcelorMittal, Voestalpine and Tata Steel.