UAE technology company e& plans to pursue legal action after a court in Morocco upheld a decision requiring its subsidiary, Maroc Telecom, to pay more than 6.3 billion Moroccan dirhams ($645 million) to its competitor Wana Corporate for alleged anti-competitive practices.
Abu Dhabi-headquartered e&, formerly known as Etisalat Group, is a majority shareholder in Maroc Telecom (MT), with a 53 per cent stake. The Moroccan government holds a 22 per cent stake, while the remaining shares are held by institutional, retail and individual investors.
The company “firmly believes” in the validity of MT's legal position and will explore every possible legal avenue to appeal against the ruling and protect its investments, e& said in a statement on Wednesday.
“It is unfortunate that while global capital is looking to leverage the transformative power of technology to enhance digital infrastructure, smart government services, and digital solutions for people, a challenging regulatory environment negatively affects the future outlook of our investments in Morocco,” Jassem Alzaabi, e& chairman, said.
On July 3, the Court of Appeal of Casablanca rejected the appeal filed by MT, which challenged Wana Corporate’s plea.
E& said the court decision will not affect its financial results for the second quarter or the subsequent periods, due to adequate coverage of international regulatory risks.
Wana Corporate, also known as Inwi, filed an anti-trust case in 2021 accusing MT of unfairly using its market-dominant position.
In January, the court directed MT to pay 6.3 billion Moroccan dirhams in compensation to Inwi in the case.
Inwi is the third-largest telecom operator in Morocco and is controlled by a private investment fund, Al Mada.
Rabat-headquartered MT is listed on the Casablanca stock exchange and on Euronext Paris.
Besides Morocco, it is active in countries including Benin, Burkina Faso, Cote d’Ivoire, Gabon, Mali, Mauritania, Niger, Central African Republic and Togo.
At the end of the March quarter, its customer base stood at 77.1 million, marking an annual increase of a 2.7 per cent.
Hatem Dowidar, chief executive of e& Group, said all options are on the table regarding e&'s investment in MT due to the repeated setbacks caused by regulatory penalties and legal judgments that limit the telecom operator's ability to compete in the market.
Over the past few years, such decisions have cost MT more than 12 billion Moroccan dirhams ($1.2 billion) in penalties, among the highest in the telecom sector worldwide, impeding MT’s future investments, e& said.
“We affirm that driving the digital future requires constructive co-operation between service providers, regulators, and legislators to foster the desired development of communities and individuals,” Mr Dowidar said.
UAE currency: the story behind the money in your pockets
Who is Allegra Stratton?
- Previously worked at The Guardian, BBC’s Newsnight programme and ITV News
- Took up a public relations role for Chancellor Rishi Sunak in April 2020
- In October 2020 she was hired to lead No 10’s planned daily televised press briefings
- The idea was later scrapped and she was appointed spokeswoman for Cop26
- Ms Stratton, 41, is married to James Forsyth, the political editor of The Spectator
- She has strong connections to the Conservative establishment
- Mr Sunak served as best man at her 2011 wedding to Mr Forsyth
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
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A new relationship with the old country
Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Gully Boy
Director: Zoya Akhtar
Producer: Excel Entertainment & Tiger Baby
Cast: Ranveer Singh, Alia Bhatt, Kalki Koechlin, Siddhant Chaturvedi
Rating: 4/5 stars
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
