How has the market dynamic changed — or not — since Etisalat went live?
I think it has probably changed a bit less than people expected, to be honest. Look, I can only talk about Vodafone, but clearly Etisalat are extremely professional, very knowledgeable. They’ve done a super job in the Emirates. They’ve done a super job in Saudi. But still, they’re in a very young stage of their company’s life. In our research on what to expect, it was a little bit of an unpredictable environment. It wasn’t clear whether Etisalat had a tried and tested model that would be replicated in Egypt, or whether this would be really unique. Because really, for them, this was the first very competitive market they entered. We didn’t know how they would play, and there was lots of speculation that they were going to be extremely aggressive. I think the consumer expectation was that there would be a steep change in the market, particularly in terms of pricing. Obviously, Vodafone didn’t really expect that, because there’s a regulator, and already the market is extremely competitive
