Egyptian riots cause $15-million damage for Mobinil

Hassan Kabbani, Mobinil CEO (source: mobinil.com)

A new report details the damage done to the Egyptian telecoms sector by the Egyptian revolution, the Press Trust of India reported Tuesday.

Sixty-seven percent of the telecommunications companies were directly affected in the 18-day unrest, with Mobinil sustaining 90-million Egyptian pounds in damages, or about $15-million.

Zawya, an online business intelligence platform focusing on the Middle East & North Africa, characterized the unrest as a “low probability, high impact event.”

Telecommunications was not the only sector to be hit by the revolution, with Tourism, Chemicals, and Real Estate all suffering from the unrest.

Jahd Khalil