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.
Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
LIVING IN...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
Company%20Profile
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Company%20profile
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The lowdown
Badla
Rating: 2.5/5
Produced by: Red Chillies, Azure Entertainment
Director: Sujoy Ghosh
Cast: Amitabh Bachchan, Taapsee Pannu, Amrita Singh, Tony Luke
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
Score
Third Test, Day 1
New Zealand 229-7 (90 ov)
Pakistan
New Zealand won the toss and elected to bat
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Famous left-handers
- Marie Curie
- Jimi Hendrix
- Leonardo Di Vinci
- David Bowie
- Paul McCartney
- Albert Einstein
- Jack the Ripper
- Barack Obama
- Helen Keller
- Joan of Arc
All%20We%20Imagine%20as%20Light
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10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
Petrarch: Everywhere a Wanderer
Christopher Celenza,
Reaktion Books
Key Points
- Protests against President Omar Al Bashir enter their sixth day
- Reports of President Bashir's resignation and arrests of senior government officials
57%20Seconds
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Killing of Qassem Suleimani
Killing of Qassem Suleimani
Zayed Sustainability Prize
Zayed Sustainability Prize
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
'HIJRAH%3A%20IN%20THE%20FOOTSTEPS%20OF%20THE%20PROPHET'
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Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
The years Ramadan fell in May
UAE currency: the story behind the money in your pockets
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
The specs: 2018 Audi Q5/SQ5
Price, base: Dh183,900 / Dh249,000
Engine: 2.0L, turbocharged in-line four-cylinder / 3.0L, turbocharged V6
Gearbox: Seven-speed automatic / Eight-speed automatic
Power: 252hp @ 5,000rpm / 354hp @ 5,400rpm
Torque: 370Nm @ 1,600rpm / 500Nm @ 1,370rpm
Fuel economy: combined 7.2L / 100km / 8.3L / 100km
%3Cp%3EMATA%0D%3Cbr%3EArtist%3A%20M.I.A%0D%3Cbr%3ELabel%3A%20Island%0D%3Cbr%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
Ant-Man and the Wasp
Director: Peyton Reed
Starring: Paul Rudd, Evangeline Lilly, Michael Douglas
Three stars
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
About Proto21
Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
Staff: 18
Funding: Invested, supported and partnered by Joseph Group
