The consumer and international units of UAE technology conglomerate e& plan to acquire complimentary assets to expand into new markets, as well as broaden their sector focus in an attempt to spur growth, their top executives have said.
E& life, which mainly focuses on the financial technology and video streaming services of the company formerly known as Etisalat Group, is considering options to expand into sectors including e-commerce, insurance and health, its chief executive Khalifa Al Shamsi told The National in an interview.
“We're definitely planning for more growth out of various types in the consumer digital space. When we look at any additional areas beyond FinTech and entertainment, let's talk about health technology, insurance technology and e-commerce,” Mr Al Shamsi said on the sidelines of the Gitex Global technology conference in Dubai.
The company is open to both outright purchases or partnerships to diversify its portfolio, which will enable it to expand locally and overseas, reaching a wider consumer base, he said.
The funding of mergers and acquisitions through debt is not being considered at this point, because e& as a group is financially strong and “M&As can be funded from the group [balance sheet] itself”, Mr Al Shamsi said.
Other options include attracting additional shareholders or strategic partners into the company.
“It's all about the timing of these activities. We will definitely do that whenever we see the value of a company and whether it will guarantee a good return to the group,” he said.
The company's flagship FinTech service, e& money, is wholly owned by e& life, “but there is an opportunity of having international partners along with us”, Mr Al Shamsi said.
The company's investment approach in preparing for any acquisition could differ, depending on the business line being considered, the market opportunity and the valuation of the target company at the time of the deal, he said.
Meanwhile, e& international, which oversees the group's operations abroad, constantly evaluates assets in countries that have a stable economy and currency regime. It looks at potential targets that will allow the company to generate enough return to reinvest in infrastructure and growth, its chief executive Mikhail Gerchuk told The National in a separate interview.
The company is currently focused on closing the deal to acquire a majority stake in PPF Group. This will give it a controlling stake in the Czech company's operations in Bulgaria, Hungary, Serbia and Slovakia, amid a push to expand into central and eastern European markets.
In Asia, e& international has no deals brewing at the moment but is looking to acquire talent from the continent to strengthen its position in the fixed and mobile categories, Mr Gerchuk said.
The company is open to buying both telecoms and digital companies that complement its portfolio, with funding for any transaction coming through a “variety of methods”, he said.
A potential initial public offering is not part of the either company’s growth plans at the moment, both executives said.
Most industries are going through a major transformation with the advent of new technology.
That has prompted businesses to adapt innovative technology to streamline and optimise their operations, allowing them to expand consumer base and add new revenue lines as competition intensifies.
Artificial intelligence, which has come to the fore thanks to the emergence of generative AI, is being positioned by e& life as the driver of its next generation of services.
The insight provided by AI will help e& life identify user behaviour based on various data metrics, which will help to streamline offerings for customers, Mr Al Shamsi said.
Across its services, the AI boost allows e& life to “design packages and pricing in order to attract and enhance the experience”, he said.
“Definitely, across the multiple platforms, we are putting additional use cases in order to enhance these services.”
E& money, which is being positioned as a “super app for FinTech”, is expanding its network with new partnerships, including one with Mastercard to boost services such as remittance, a key sector for a country such as the UAE with a significant number of foreign workers.
At e& international, Mr Gerchuk said, AI is helping its users in a number of ways, such as enhancing customers' search for information, providing access to services and allowing “much more efficient and comfortable dialogue” with the target market.
“AI will revolutionise our business, both for customers and how we operate. We want to become an AI-centric company,” he said.
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Abu Dhabi – Call 999 or 8002626 (Aman Service)
Dubai – Call 800243
Sharjah – Call 065632222
Ras Al Khaimah - Call 072053372
Ajman – Call 067401616
Umm Al Quwain – Call 999
Fujairah - Call 092051100 or 092224411
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- Brentford v Arsenal
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- Chelsea v Crystal Palace
- Everton v Southampton
- Leicester City v Wolves
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RESULTS
Catchweight 63.5kg: Shakriyor Juraev (UZB) beat Bahez Khoshnaw (IRQ). Round 3 TKO (body kick)
Lightweight: Nart Abida (JOR) beat Moussa Salih (MAR). Round 1 by rear naked choke
Catchweight 79kg: Laid Zerhouni (ALG) beat Ahmed Saeb (IRQ). Round 1 TKO (punches)
Catchweight 58kg: Omar Al Hussaini (UAE) beat Mohamed Sahabdeen (SLA) Round 1 rear naked choke
Flyweight: Lina Fayyad (JOR) beat Sophia Haddouche (ALG) Round 2 TKO (ground and pound)
Catchweight 80kg: Badreddine Diani (MAR) beat Sofiane Aïssaoui (ALG) Round 2 TKO
Flyweight: Sabriye Sengul (TUR) beat Mona Ftouhi (TUN). Unanimous decision
Middleweight: Kher Khalifa Eshoushan (LIB) beat Essa Basem (JOR). Round 1 rear naked choke
Heavyweight: Mohamed Jumaa (SUD) beat Hassen Rahat (MAR). Round 1 TKO (ground and pound)
Lightweight: Abdullah Mohammad Ali Musalim (UAE beat Omar Emad (EGY). Round 1 triangle choke
Catchweight 62kg: Ali Taleb (IRQ) beat Mohamed El Mesbahi (MAR). Round 2 KO
Catchweight 88kg: Mohamad Osseili (LEB) beat Samir Zaidi (COM). Unanimous decision
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1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Marital status: Single
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
