DU: business, group and financial profile

What distinguishes this business

• Mobile, fixed, wholesale and ICT services form distinct parts of the business.
• An overseas subsidiary does not imply a broad overseas consumer network.
• The dated TDRA licence renewal replaces older uncertainty, not future fee and obligation risks.

Business and history

As of: 2026-06-30

Emirates Integrated Telecommunications Company PJSC operates under the du brand and is listed on DFM under DU. Incorporated on 28 December 2005, the company supplies mobile, fixed, wholesale, broadcasting and ICT services principally in the UAE. This is a separate listed company from e&, even though both have a major government shareholder.

The economic base is an integrated network serving households, businesses and other operators. Subscription services generate recurring revenues, while devices and ICT projects can have different margins and collection patterns. A rise in total revenue therefore needs to be read alongside the mix of services, equipment and projects.

Products and revenue mix

As of: 2026-06-30

Mobile includes consumer and enterprise voice, data and content. Fixed includes broadband, IPTV, Home Wireless and business internet. Wholesale supplies roaming, termination and shared infrastructure. ICT includes cloud, cybersecurity, colocation, connected devices and equipment.

H1 2026 revenue was AED 3.646 billion in mobile, AED 2.383 billion in fixed, AED 1.258 billion in wholesale and AED 0.911 billion in ICT and related services. Segment contribution is revenue less direct costs, before shared operating costs and depreciation; it is not standalone net profit.

Group structure

As of: 2026-06-30

At the end of 2025, wholly owned subsidiaries included EITC Investment Holdings, Telco Operations, Smart Dubai Platform Project Company, EITC Singapore, EITC Solutions and EITC Financial Services. The latter houses the digital wallet and payment services. An overseas legal subsidiary should not be confused with a broad overseas consumer network.

H1 2026 added an investment vehicle holding a 98% partnership interest in du Ventures L.P., and Du Treasury Company Limited. Their purposes are venture investment and group treasury respectively. The group also disclosed a 50% joint venture in connectivity and data centres at year-end, classified for disposal; ownership does not mean the whole venture belongs to du.

Customers and infrastructure

As of: 2026-06-30

The Q2 2026 release reports 9.3 million mobile customers: 2.1 million postpaid and 7.2 million prepaid. Fixed customers reached 744,000. These rounded endpoints describe scale, not customer profitability or a complete bridge of new connections and disconnections.

Management links weaker prepaid activity to tourism and highlights growth in premium and enterprise postpaid demand. Data-centre investment was accelerating ahead of the launch of services under a global hyperscaler agreement. Announced projects should not be treated as fully operational contracted capacity without capacity and commissioning disclosures.

Shareholders and leadership

As of: 2026-07-22

At 31 December 2025, Emirates Investment Authority held 50.1% and DH 8 LLC held 19.7%. EIA is ultimately controlled by the UAE federal government. These are dated holdings, not a real-time free-float or foreign-investor availability calculation.

The July results release names Malek Al Malek as chairman and Fahad Al Hassawi as chief executive. Related-party dealings and government relationships matter to governance. Consolidation removes transactions within the group; this does not imply that all business with government-related organisations is absent.

Annual and half-year results

As of: 2026-06-30

FY 2025 revenue was AED 15.905 billion and net profit AED 2.905 billion, compared with AED 14.636 billion and AED 2.488 billion in FY 2024. The annual report presents its comparative information under the accounting presentation described in its notes; it should not be spliced with older presentations without reconciliation.

H1 2026 revenue reached AED 8.198 billion and net profit AED 1.632 billion, against AED 7.750 billion and AED 1.449 billion in H1 2025. The half-year is not an annual forecast. Management attributes margin improvement to product mix and cost control, while identifying softer commercial conditions in the quarter.

Cash, funding and commitments

As of: 2026-06-30

At 30 June 2026 cash and bank balances were AED 307.169 million; cash equivalents were AED 304.757 million after guarantee margins. The balance sheet carries leases but no conventional bank borrowing balance. Current lease liabilities were AED 481.641 million and non-current leases AED 1,253.465 million.

On 6 April 2026 the group signed an unsecured seven-year revolving credit facility of AED 2 billion. Availability of a facility is different from drawing debt. Contractual capital commitments were AED 2,411.760 million and uncalled venture commitments AED 180.002 million at the half-year.

Operating cash flow was AED 1,344.549 million in H1 2026, after federal royalty payments of AED 1,956.602 million and tax payments of AED 286.848 million. Cash purchases of equipment and intangibles totalled AED 1,210.981 million. EBITDA minus management capex is a different measure and should not be presented as cash available for shareholders.

Licence and royalty framework

As of: 2026-08-12

TDRA announced renewal of du’s public telecommunications licence on 12 August 2026, effective from 9 August 2026 to 8 August 2046. The dated renewal supersedes the uncertainty in older reports; it is not evidence that every future fee or obligation is fixed.

The company’s 24 July disclosure extends the royalty framework through 2027–2029: 38% on relevant UAE profit, followed by 9% corporate tax after royalty, with an aggregate annual floor of AED 1.8 billion. These rates apply to their specified bases, not directly to revenue.

Strategy and capital allocation

As of: 2026-07-22

Management is developing cloud, AI and data centres around the connectivity franchise, and launched du Ventures with Shorooq. The investment platform broadens exposure to emerging technology without proving that every investment will produce a commercial return.

The board approved an H1 2026 dividend of AED 0.26 per share. Approval is reported here without an unsupported claim of payment. Editorial interpretation: distributions and infrastructure spending should be assessed against cash after royalties, taxes and lease obligations, rather than accounting profit alone.

Risks and limitations

As of: 2026-06-30

The business remains exposed to network interruption, cybersecurity, pricing competition and changes in customer demand. More data-centre investment adds construction, commissioning and utilisation risk. Revenue from equipment and projects can fluctuate differently from subscriptions.

Management’s view that regional developments had not materially affected the interim statements is dated to those statements. It does not rule out later operational effects. The profile does not estimate project returns, assign a target price or assume that long licence duration removes compliance requirements.

Dated reviews

Official contacts and dates

As of: 2026-08-30

Official website: https://www.du.ae. Investor disclosures: https://investors.du.ae/publications. Investor relations email: Investor.relations@du.ae. Principal postal address: P.O. Box 502666, Dubai, UAE. Personal mobile numbers are deliberately not reproduced.

Prepared on 30 August 2026. Annual ownership is dated 31 December 2025; financial and commitment figures are dated 30 June 2026; the licence update is dated 12 August 2026. Refresh financial information with results, corporate structure on disclosures and public contacts monthly.

Official sources

Original Dubaist profile. Information, not investment advice. Source dates differ by section.

1. S1 · du Annual Report 2025 · 2026-03-19
2. S2 · du H1 2026 statements · 2026-07-22
3. S3 · du H1 2026 release · 2026-07-22
4. S4 · Royalty extension · 2026-07-24
5. S5 · TDRA licence renewal · 2026-08-12