From Breakingviews - UAE telco super app punt uses Indian playbook
in May last year. It’s a way to advance an ambition, revealed last June, to be a technology and investment powerhouse.. The $192 billion Indian conglomerate has spent years acquiring music apps and other services in an attempt to cross-sell to its mobile customers. E& could juice up demand for its mobile phone packages by giving customers pre-loaded apps.
The interest in super apps itself reflects growing affluence in the Middle East. Between the end of 2020 and April last year overpeople had moved to Dubai, creating increased demand for rapid delivery services and digital payments. While e&’s valuation is already 20 times 2023 earnings, ahead of Reliance’s, it can always hope that expensive trinkets help it rise further.
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