- Net profit reached AED 10.8 billion, growing 4.3 per cent year-over-year
- Full year dividend per share of 83 fils
- e&’s footprint expanded to 38 countries with a subscriber base of 189.3 million across the Middle East, Asia, Africa, and Central and Eastern Europe
- e& emerged as the ‘World’s Fastest Growing Brand’ with brand portfolio and investments value exceeding US$ 20 billion
Abu Dhabi, 25th February 2025: e& has delivered record financial performance in 2024, reporting a consolidated net profit of AED 10.8 billion, an increase of 4.3 per cent year-over-year (YoY). This milestone reflects three years of strategic transformation, reinforcing the Group’s position as a global technology group.
Consolidated revenues reached AED 59.2 billion, growing 10.1 per cent and 12.6 per cent in constant exchange rates, driven by growth across all business verticals. Consolidated EBITDA rose by 2.7 per cent YoY at constant exchange rates, reaching AED 26.5 billion.
e& UAE continued its solid growth trajectory, with its subscriber base surpassing 15 million, representing an increase of 5.4 per cent compared to the previous year. The group’s total subscriber base grew to 189.3 million, marking a 11.7 per cent increase compared to 2023.
Financial highlights for FY 2024
| 2024 | 2023 | Per cent change | |
| Revenue | AED 59.2 billion | AED 53.8 billion | 10.1% (*) |
| Net Profit | AED 10.8 billion | AED 10.3 billion | 4.3% |
| EBITDA | AED 26.5 billion | AED 26.1 billion | 1.3% (*) |
| Earnings per Share | AED 1.24 | AED 1.18 | 4.3% |
| Consolidated Group Subscribers | 189.3 million | 169.5 million | 11.7% |
(*) At constant exchange rates, revenue increased by 12.6 per cent, and EBITDA increased by 2.7 per cent YoY
e& sustained strong growth across all verticals, expanding its portfolio while doubling down on connectivity and digitalisation. By driving innovation and long-term value creation, the group remains committed to delivering sustainable returns to its shareholders.
Demonstrating this commitment, we delivered on the first year of our 3-year progressive dividend policy with an incremental increase of 3 fils (AED 0.03) every year for the fiscal years 2024, 2025, and 2026. This policy is set to elevate dividend per share (DPS) to reach 89 fils (AED 0.89) by FY 2026, reflecting the group’s confidence in its continued financial strength and growth prospects.
For FY 2024, the board has proposed a cash dividend of 41.5 fils (AED 0.415) per share for the second half (July to December) of 2024, bringing the total annual dividend to 83 fils (AED 0.83) per share—further reinforcing e&’s commitment to delivering consistent value to its shareholders.
H.E. Jassem Mohamed Bu Ataba Alzaabi, Chairman, e&, said: “2024 was a year of growth, driven by bold vision, AI-driven innovation, and relentless commitment to digital empowerment. Emerging as the “World’s Fastest Growing Brand” and establishing our first operational footprint in Europe were defining moments in e&’s journey. With a net profit of AED 10.8 billion and subscribers growing to 189.3 million, our performance reflects our strategic foresight and unwavering focus on value creation.
Beyond financial success, real growth is measured in impact. Guided by the UAE’s visionary leadership, we continue to drive economic progress, empower businesses, and transform lives across three continents. Our investments in AI ecosystems, intelligent platforms, and industry-defining solutions reinforce our role as a catalyst for change.
At the heart of our success is our talent—the driving force of our innovation. Our leadership in Emiratisation and commitment to workforce upskilling is not just a business responsibility but a strategic advantage. By equipping the next generation with AI and digital expertise, we are building the UAE’s digital future and cultivating leaders who will drive global transformation.
As we move forward, we will continue to leverage technology as a force for progress— where AI enhances lives, networks fuel digital economies, and every connection we build opens doors to something greater.”
Hatem Dowidar, Group Chief Executive Officer, e&, added: “In 2024, we accelerated our transformative journey as a Global Technology Group—scaling AI, expanding into Europe, and driving impact across three continents. Our consolidated revenues surpassed AED 59.2 billion, growing by 10.1 per cent year-over-year, while consolidated EBITDA rose 2.7 per cent in constant currency to AED 26.5 billion. Our financial performance reflects the trust we’ve built, the bold investments we’ve made, and the transformative added value we continue to create.
A landmark achievement was e&’s expansion into Central and Eastern Europe with the majority acquisition of PPF Telecom’s assets, adding over 10 million new subscribers across Bulgaria, Hungary, Serbia, and Slovakia. This move strengthens our global presence, unlocks scalable digital solutions, and fosters digital inclusion. Additionally, our acquisition of GlassHouse expanded our cloud, data, and SAP capabilities across Türkiye, South Africa, and Qatar, strengthening our leadership in enterprise digital transformation. These strategic moves are at the core of our long-term aspirations—to build a robust, future-ready digital ecosystem that enables businesses to scale, governments to innovate, and communities to thrive.
As we closed 2024, we set out to ‘Go for More’- expanding our digital footprint, pioneering AI-driven innovations, and delivering impactful solutions. With a brand portfolio and investments exceeding US$ 20 billion, e& is the World’s Fastest Growing Brand, a recognition of our relentless pursuit of innovation and progress.
Looking ahead, we are poised for even greater growth and transformation. Our ambition is unstoppable: to lead the digital transformation that creates a lasting positive impact, foster collaboration, and empower societies. We will continue to push the boundaries of AI, scaling intelligent platforms, and ensuring that technology is a force for good, and that every innovation we deliver is a catalyst for progress.”
Key Operational Highlights
In 2024, e& advanced its strategic ambitions by unlocking new growth avenues, delivering next-generation solutions that reshape industries, elevate customer experiences, and drive a more connected, intelligent future.
e& completed the acquisition of a controlling stake in PPF Telecom Group, extending its footprint to 38 countries across Central and Eastern Europe, adding over 10 million customers to its networks and unlocking new opportunities for growth, innovation, and value creation in high-potential markets.
Recognised as the ‘World’s Fastest Growing Brand’ in Brand Finance’s Global 500 Report, e& has achieved exceptional brand momentum—driven by a three-year transformation that unified its historic Etisalat brand under a single, cohesive identity. The company attained a AAA rating, with a brand strength score of 84.6, reflecting an eight-fold increase in brand value versus previous year, reaching an all-time high of US$ 15.3 billion for e& as a standalone brand. This significant increase was driven by growth in investments and portfolio exceeding USD 20 billion, including but not limited to PTCL (Pakistan), Mobily (Saudi Arabia), and the acquisition of a controlling stake in PPF Telecom Group.
Additionally, e& secured a spot among the top 10 Most Valuable Telecom Brands globally, a testament to its strategic vision and sustained market influence and reflecting its diversified expansion and long-term value creation.
With a focus on expanding its global footprint, diversifying its portfolio, and accelerating digital transformation, e& has continuously evolved to meet the demands of an increasingly connected world. As a culmination of this transformation, the group unveiled its new brand positioning—’Go for More’—marking a significant milestone in its journey to becoming a global technology powerhouse.
e&
With the landmark acquisition of a controlling stake in PPF Telecom Group, e& expanded its global footprint to 38 countries in Central and Eastern Europe, adding over 10 million customers to its networks. Strengthening its impact in cloud innovation, digital transformation, and digital education, e& signed a US$ 1 billion agreement with Amazon Web Services (AWS). Collaborating with ADNOC, e& deployed the world’s largest private 5G network for the energy sector, redefining industry standards for ultra-reliable connectivity, high-speed data transfer, and operational efficiency. Through the acquisition of GlassHouse, the group enhanced its managed cloud, business continuity, and SAP infrastructure services, expanding its footprint to Türkiye, Qatar, and South Africa.
Driving advancements in AI-driven technologies, e& achieved new milestones in customer service innovation with the co-development of a telco-specific Large Language Model (LLM) through its joint venture (JV) agreement with the Global Telco AI Alliance. Furthering its commitment to ethical AI practices, e& adopted GSMA’s Responsible AI Maturity Roadmap, solidifying its leadership in integrating responsible AI principles across its operations. Nokia Bell Labs and e& joined forces to develop responsible AI use cases, promoting sustainable enterprise solutions. The GSMA recognised e& for its progress in decarbonisation and renewables through the GCC Sustainability Innovation Hub.
Sustainability remained a core focus for e& in 2024. The company set a bold climate transition action plan titled “Ambition to Action” to achieve net zero emissions. A strategic alliance with the United Nations Development Programme (UNDP) advanced digital inclusion, accelerated support for MSMEs (Micro, Small & Medium Enterprises), and leveraged AI to enhance climate resilience in Arab States. In partnership with Al-Futtaim Electric Mobility, e& deployed 100 electric vehicles, supporting the UAE’s net-zero carbon goals.
e& Carrier & Wholesale, the group’s international wholesale arm, launched its Smart Connect Service, empowering operators to scale connectivity with automated provisioning. The introduction of the plug-and-play Roaming-as-a-Service (RaaS) solution addressed the growing demand for seamless roaming capabilities, enabling network providers to optimise resources, reduce costs, and deliver superior connectivity experiences to their customers. In partnership with Vodafone, e& introduced fully managed voice solutions to support international voice traffic and meet the rising demand for VoLTE services. The expansion of the Tier III SmartHub data centre network to Abu Dhabi strengthened the region’s digital backbone, providing enhanced connectivity for hyperscalers, content delivery networks, and telecom operators.
Building on its commitment to empower the youth, the group’s AI Graduate Programme ensured a pipeline of skilled professionals, building a future-ready workforce. With the launch of the Nukhbat Al Wattan initiative, e& supported UAE Nationals during their interim period for National Service, further showcasing its commitment to national development. e& also received the Great Place to Work® certification, reflecting its commitment to cultivating an empowering work environment.
e& UAE
As the flagship telecom arm of the group, e& UAE strengthened its leadership in intelligent connectivity and innovation in 2024. With next-generation network infrastructure, it set new benchmarks for 5G connectivity, achieving the fastest 5G mobile network speed with a median download speed of 749.63 Mbps. The UAE maintained its global leadership in FTTH penetration, reaching 99.3 per cent, with e& UAE playing a key role in nationwide connectivity expansion. e& UAE set a new global record for data transfer speed, reaching 30.5 Gbps on a live 5G network.
Continuing to transform industries through advanced 5G networks, the company delivered high-performance connectivity, automation, and efficiency across key sectors. A landmark partnership with ADNOC delivering the energy sector’s largest private 5G network, revolutionising operational capabilities.
Further transforming manufacturing, e& UAE partnered with EMSTEEL to deploy its 5G private virtual network, significantly manufacturing efficiency.
Another collaboration with Multi Level Group (MLG) drove advancements in eVTOL aircraft and drones using 5G technology, accelerating innovation in aerial mobility.
Marking another industry first, e& UAE strengthened its presence in satellite communications by joining Space42’s (previously Yahsat) Direct-to-Device (D2D) ecosystem, becoming the first operator to deliver satellite coverage directly to smartphones. In other advancements, the company launched Fibre-to-the-Yacht (FTTY) services at Yas Marina, providing high-speed connectivity to yachts, and introduced Fibre-To-The-Room (FTTR) services to enhance in-home Wi-Fi performance. The announcement of a 50G PON network upgrade further cemented its leadership in connectivity, while new 5Gbps and 10Gbps FTTH plans set new standards for consumer internet speeds.
In 2024, e& UAE established itself as a leader in providing AI-powered connectivity solutions to enhance operations and customer experience. The deployment of NVIDIA H100 GPU clusters within Oracle Cloud Infrastructure (OCI) highlighted its commitment to enhancing AI capabilities. Collaborating with Amazon Web Services (AWS), the company introduced custom Generative AI solutions, elevating customer experiences. The launch of the second AI-empowered autonomous store, ‘EASE,’ in Dubai Mall offered a futuristic shopping experience. e& UAE showcased the region’s first AI-driven adaptive smart home experience, highlighting its vision for personalised, intelligent living. Among other innovations are the AI-powered Human-Digital Advisors, which redefine customer service, and an AI Lab launched in partnership with Open Innovation AI to develop tailored solutions for the UAE market. Additionally, the integration of AI-driven solutions in corporate functions successfully reduced technical calls by 30 per cent and technician visits by 40 per cent.
Furthermore, the introduction of the AI-powered browser extension “Wider Web” emphasised e& UAE’s commitment to digital inclusion, creating an autism-friendly browsing experience.
Driving public-private collaboration, was a strategic priority for e& UAE in 2024. A partnership with the Abu Dhabi Chamber of Commerce and Industry facilitated the growth of SMEs by accelerating their digital transformation and equipping businesses with modern solutions. Collaboration with the Cyber Security Council advanced sustainable traffic management systems for unmanned aerial vehicles, promoting safety and efficiency. A strategic partnership with Dubai Airports leveraged 5G technologies to enhance airport operations, improving traveller experiences. Dubai Police signed a partnership with e& UAE to launch the UAE’s first-of-its-kind Smart Home Security System to enhance public safety in residential areas. A collaboration with Maqta Gateway and Space 42 focused on developing and deploying smart 5G, IoT, and AI-powered solutions for the maritime sector, enhancing operational efficiency, safety and sustainability.
Transforming the way people live and connect, e& UAE placed intelligent connectivity and smart living at the heart of its strategy. A collaboration with KEZAD Communities significantly elevated living standards in Razeen Residential City with ultra-fast connectivity, and another collaboration with Aqara brought smart home solutions to the UAE.
Further empowering businesses, e& UAE partnered with Airbus‘ Public Safety and Security (PSS) unit to deliver advanced enterprise communication solutions. The company further introduced the ‘Care Plus’ support service for business customers, and the Managed Wi-Fi 7 Services, empowering them to drive enhanced productivity and operational efficiency. The introduction of the Next-Generation Connectivity Platform redefined network integration with adaptable, future-ready solutions. Additionally, the deployment of Microsoft’s Azure Operator Nexus and Azure Operator 5G Core solutions in the UAE marked another regional first.
e& UAE introduced numerous customer-focused innovations to enhance user experiences. The launch of the self-activated instant eSIM provided visitors with seamless connectivity, while the “Smiles Unlimited” subscription model offered unlimited benefits through the Smiles SuperApp. The introduction of a Kids SIM Card and Parental Control Service reinforced the company’s commitment to digital safety, empowering families to create secure online environments. These initiatives exemplified e& UAE’s dedication to prioritising customer needs. A partnership with Etihad Airways enhanced customer loyalty programmes and boosted destination marketing, showcasing e& UAE’s ability to deliver transformative solutions across industries.
e& UAE also achieved ISO 37001:2016 certification for its Anti-Bribery Management System (ABMS), reflecting its commitment to ethical practices.
Building on the group’s commitment to digital inclusion, e& UAE introduced the GoLearning platform, offering thousands of courses to equip people with essential skills for the digital economy. A virtual coding camp further nurtured future innovators, solidifying the company’s role in fostering the next generation of tech leaders. The company’s dedication to employee initiatives earned the company the top spot in Brand Finance’s Employer Brand Report 2024, reinforcing its position as an employer of choice.
e& international
In 2024, e& international’s growth was fuelled by strategic acquisitions and collaborations, propelling the group’s strategy to expand its impact globally and connect communities worldwide. The most significant being the completion of the acquisition of a controlling stake in PPF Telecom Group. This marked a significant step in e&’s expansion, with entry into the Central and Eastern European market as e& PPF Telecom Group.
Strengthening its commitment to AI and 5G innovation, e& international partnered with Huawei, Ericsson, Nokia, and Intel to develop AI-powered autonomous mobile networks, leveraging expertise from global technology leaders.
In Afghanistan, the acquisition of a total of 15 MHz of spectrum in the 1800 and 2600 bands established Etisalat Afghanistan as the largest spectrum holder in the market, significantly enhancing its competitive position. Mobily also acquired a total of 120 MHz of spectrum across the 700 MHz and 3800 MHz bands, enhancing coverage and service quality.
In Egypt, the company signed an agreement with Modon Holding to develop smart city infrastructure for the Ras El Hekma project, transforming the Mediterranean coast with sustainable and modern urban solutions.
In Pakistan, Upaisa’s partnership with Mastercard introduced a debit card to promote secure and seamless financial services. PTCL’s collaboration with STech.ai brought Pakistan its first AI-enabled customer service platform, marking a transformative step in customer engagement.
Customer experience took centre stage for e& international this year. e& Egypt launched e& Neo, in collaboration with Mashreq Bank, the first digital banking service in the country. PTCL launched Pakistan’s first combined app integrating PTCL, Ufone, and Flash Fibre services, streamlining access to customer support and offerings. It also became the market leader in Fibre-to-the-Home (FTTH) services in Pakistan, solidifying its position with robust infrastructure and innovative offerings. With its Flash Fibre (FTTH) reaching over 674,000 subscribers, PTCL continues to provide seamless and reliable connectivity across Pakistan.
Onic, a subsidiary, was recognised as the “Best Mobile App and Digital Ambassador of the Year,” at the Pakistan Digital Awards, showcasing its leadership in digital innovation.
e& Egypt was honoured with the “Business Excellence Award – Egypt 2024” for its outstanding culture and people practices, as well as the “Best Workplace Environment in Diversity and Inclusion” award from Global Business Outlook.
e& life
In 2024 e& life set new benchmarks across fintech, lifestyle, and entertainment, fueled by AI-driven transformation and innovation.
In fintech, e& money became the UAE’s #1 fintech app, achieving 2.5X growth in monthly active users compared to 2023. Card issuance surged past 900,000, while international money transfers tripled, cementing its position as the region’s go-to digital payments platform. Wio continued its breakout success—scaling fast while reaching profitability. Deposits tripled, and revenue surged 3X, reinforcing its leadership as the region’s most dynamic neobank.
The consumer lifestyle revolution gained momentum as Careem Technologies more than doubled revenues, achieving profitability in Dubai. The Careem Plus membership surged, driving deeper engagement across food delivery and payments. AI-powered automation transformed efficiency—while the AI-powered DineOut concierge redefined dining, seamlessly connecting users with top restaurants in real time.
STARZ ON cemented its position among the top 3 AVOD/SVOD platforms in the GCC, amassing 5.9M+ downloads in just 12 months and driving record user engagement. The platform expanded its exclusive content library, securing ICC Cricket, Disney+ Hotstar, and UFC, strengthening its appeal across sports and premium entertainment.
In entertainment, AI-powered personalised recommendations significantly boosted STARZPLAY’s engagement and retention, ensuring users stayed connected to the content they loved. In Fintech, AI-powered fraud detection, instant ID verification, and seamless automation made e& money smarter and more accessible. In lifestyle, AI-driven automation optimised interactions, enhancing customer experiences at scale.
e& enterprise
In 2024, e& enterprise continued to drive the digital transformation landscape, marked by the acquisition of GlassHouse, which expanded its footprint into Türkiye, and bolstered its managed cloud and SAP infrastructure services. Through strategic partnerships spanning healthcare, finance, and sustainability, e& enterprise further advanced next-generation digital offerings, empowering businesses across the region to accelerate their transformation journeys.
Through its collaborations with Daman and Burjeel Holdings, e& enterprise transformed healthcare accessibility and delivery, including the launch of the Hayakom Digital Booth and telemedicine services.
e& enterprise also forged strategic collaborations with Fils and Payit, championing sustainable digital payment models that offer real-time carbon emission transparency, enabling businesses to offset emissions.
Through its partnership with Miral, e& enterprise is contributing to the development of the Yas Island Metaverse project, which is set to exhibit business event venues, attractions, and experiences. Another partnership between ADCB and Beehive reinforced support for SMEs. Meanwhile, a collaboration with the Abu Dhabi Social Support Authority (ADSSA) led to the development of the House Visit and Interviews Management System, optimising social services. Agreements with the King Abdullah Financial District (KAFD) and IDC furthered digital transformation in line with Saudi Vision 2030. Another partnership with SAS brought AI-powered and data-driven innovations to the UAE and KSA, enabling enterprises to modernise data and business intelligence in both countries.
In addition, e& enterprise partnered with SERGAS Group to enhance GCC gas networks and joined forces with Worldwide Generation and Commercial Bank International to drive financial innovation in sustainability. Its partnership with NMDC Energy will further enhance sustainability and operational efficiency in the energy sector.
The launch of the AI-powered Utility Co-Pilot virtual assistant revolutionised utility management through Generative AI, marking a significant milestone in smart utilities.
In partnership with Dubai Public Prosecution, e& enterprise developed the world’s first Central Digital System for Remote Investigation, streamlining judicial processes.
The rebranding of UAE Trade Connect to haifin, bolstered by the addition of Sharjah Islamic Bank and attainment of ISO/IEC 27001:2022 certification, further underscored e& enterprise‘s leadership in financial technology.
Meanwhile, consulting services for Emirates Transport laid the groundwork for a comprehensive digital transformation roadmap in the UAE’s transportation sector. The deployment of the region’s first cloud-based Picture Archiving and Communication System (PACS) with Smart Salem revolutionised healthcare digitalisation.
e& enterprise introduced Contact-Centre-as-a-Service (CCaaS) in the UAE through a strategic collaboration with NICE, enhancing customer engagement capabilities for businesses.
Demonstrating cybersecurity excellence, Help AG was recognised as the ‘Best Managed Security Provider’, further strengthened by its Zscaler MSSP authorisation.
e& capital
In 2024, e& capital reaffirmed its commitment to investing in companies that redefine industries and shape the future, both regionally and globally. In line with the group’s overarching strategy, its portfolio spans key verticals of the group, including telecom and digital.
Recent investments, including Traydstream, Ikigai, and Derq, leverage AI and machine learning as core components of their technologies, driving innovation, enhancing workflows, and enabling scalability.
