Emirates Integrated Telecommunications Company − the Dubai telecoms operator known as du − is open to expanding its non-core portfolio outside the UAE, looking to build momentum after posting record profit in 2024, its chief executive said on Monday.
Earlier on Monday, du had posted a 49 per cent annual jump in its 2024 net profit to a record Dh2.49 billion ($678 million), in a filing to the Dubai Financial Market, where its shares are traded.
While the company has repeatedly said it is not looking to expand its core telecoms business outside the UAE, du is willing to consider expansion in adjacent technologies elsewhere, Fahad Al Hassawi told The National.
These could include data centres, financial technology and other information and communications technology segments to complement du's main business, said Mr Al Hassawi.
"Anything outside the core business ... we do not have any restrictions, so we are willing to consider; when the right opportunity comes, we might do it outside the UAE," he said.
"We keep our doors open for anything [outside du's] core telecom business."
In the fourth quarter of 2024, du signed partnerships with the France-based Orange Alliance Programme and Spain's Telefonica, giving it access to the expertise of two of the world's biggest telecom groups.
Those partnerships "give us access to the knowledge and group leverage that both Orange and Telefonica exercise for their subsidiaries, so this is something that we also looking forward to maximising the benefit from in the coming years", Mr Al Hassawi said.
Any business expansion in sectors complementing telecoms – both within and outside the UAE – would potentially help complement du's revitalised strategy, under which it has introduced two new sub-brands amid the continued rise in demand for next-generation services in the Emirates.
In October, du unveiled du Tech and du Infra – in a major shake-up to its business-to-business operations aimed at addressing growing demand for digital transformation services in the UAE.
The introduction of the sub-brands will allow the company to dedicate more resources to their respective business segments and is the next step in the company's transformation and expansion, Mr Al Hassawi had said.
Those units have, in part, helped du achieve its record net profit of Dh2.49 billion in 2024, boosted as well by cost efficiencies.
Revenue for the year rose 7.3 per cent to Dh14.64 billion, exceeding the guidance for 2024, du said.
For the fourth quarter of the year, net profit jumped 47.5 per cent to Dh585 million, while revenue increased 8.8 per cent to Dh3.87 billion.
The company also announced its highest-ever annual dividend of 54 fils per share − a 59 per cent year-on-year increase.
"We did extremely well on mobile, fixed [services] and even in the way we managed our expenses ... I have to attribute this to the strategy we started years ago and we have been consistent," Mr Al Hassawi said.
"We delivered on the strategy, focusing on the micro segments of the market and customer experience ... our sub-brands have also contributed to the strong growth in revenue."
Du has aggressively boosted its operations and services over the past year as it caters to the growing needs of businesses and consumers in an age where emerging technologies, including AI, the cloud and big data, have heavily influenced the telecommunications sector.
"Our outlook remains positive as we continue to progress on our transformation journey, prioritise emerging technologies, and strengthen our position in the telecom and ICT sectors to meet evolving market demands," chairman Malek Al Malek said.
The company will also start by offering cloud and AI services to government agencies by the first half of 2025, competing with major players such as Microsoft, Amazon and Google in the UAE market, its chief executive told The National.
Du will start offering its sovereign cloud and artificial intelligence services in the UAE in July, its chief ICT officer Jasim Al Awadi told The National last month.
They will be “affordable and accessible”, Mr Al Hassawi had previously said.
The Bio
Favourite Emirati dish: I have so many because it has a lot of herbs and vegetables. Harees (oats with chicken) is one of them
Favourite place to go to: Dubai Mall because it has lots of sports shops.
Her motivation: My performance because I know that whatever I do, if I put the effort in, I’ll get results
During her free time: I like to drink coffee - a latte no sugar and no flavours. I do not like cold drinks
Pet peeve: That with every meal they give you a fries and Pepsi. That is so unhealthy
Advice to anyone who wants to be an ironman: Go for the goal. If you are consistent, you will get there. With the first one, it might not be what they want but they should start and just do it
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
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Coming soon
Torno Subito by Massimo Bottura
When the W Dubai – The Palm hotel opens at the end of this year, one of the highlights will be Massimo Bottura’s new restaurant, Torno Subito, which promises “to take guests on a journey back to 1960s Italy”. It is the three Michelinstarred chef’s first venture in Dubai and should be every bit as ambitious as you would expect from the man whose restaurant in Italy, Osteria Francescana, was crowned number one in this year’s list of the World’s 50 Best Restaurants.
Akira Back Dubai
Another exciting opening at the W Dubai – The Palm hotel is South Korean chef Akira Back’s new restaurant, which will continue to showcase some of the finest Asian food in the world. Back, whose Seoul restaurant, Dosa, won a Michelin star last year, describes his menu as, “an innovative Japanese cuisine prepared with a Korean accent”.
Dinner by Heston Blumenthal
The highly experimental chef, whose dishes are as much about spectacle as taste, opens his first restaurant in Dubai next year. Housed at The Royal Atlantis Resort & Residences, Dinner by Heston Blumenthal will feature contemporary twists on recipes that date back to the 1300s, including goats’ milk cheesecake. Always remember with a Blumenthal dish: nothing is quite as it seems.
The biog
Family: He is the youngest of five brothers, of whom two are dentists.
Celebrities he worked on: Fabio Canavaro, Lojain Omran, RedOne, Saber Al Rabai.
Where he works: Liberty Dental Clinic
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
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Bombshell
Director: Jay Roach
Stars: Nicole Kidman, Charlize Theron, Margot Robbie
Four out of five stars
