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Nokia Oyj (NYSE:NOK) disclosed a new collaboration with Telecom Egypt to introduce 5G technology to Egypt.
The deal marks a transformative step in the country’s telecom sector across cities like Alexandria, Aswan, Cairo, Giza, and Luxor.
As per the deal, Nokia will deploy its AirScale 5G RAN equipment, powered by ReefShark technology, to boost capacity and coverage, along with providing professional services for deployment, integration, and network optimization.
The company stated that 5G technology in Egypt is projected to enhance connectivity in dense areas, enabling faster downloads, smoother streaming, and better network performance, fostering innovation and efficiency across sectors.
Mohamed Al Fowey, Vice President, and Chief Technology Officer at Telecom Egypt, said, “This new agreement with Nokia further strengthens our strong partnership, reaffirms our commitment to providing cutting-edge digital services, and positions us at the forefront of the 5G revolution.”
“Both our consumer and enterprise customers can look forward to enhanced mobile broadband and exciting new applications that leverage the speed and low latency of 5G technology.”
Tommi Uitto, President of Mobile Networks at Nokia, stated, “This important 5G contract with Telecom Egypt extends our longstanding partnership. The introduction of 5G services enabled by our extensive portfolio will open exciting new opportunities for people and businesses in Egypt to experience enhanced mobile connectivity.”
In June, Nokia stated that it would acquire Infinera in a transaction valuing the company at $6.65 per share or an enterprise value of $2.3 billion.
Apart from this, Nokia agreed to sell Alcatel Submarine Networks (ASN) to the French State, represented by the Agence des participations de l’Etat (APE) for an enterprise value of EUR350 million.
Investors can gain exposure to the stock via IShares U.S. Digital Infrastructure And Real Estate ETF (NYSE:IDGT) and Defiance Quantum ETF (NYSE:QTUM).
Price Action: NOK shares are down 0.50% at $3.97 premarket at the last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Wikimedia Commons
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