Mohamed Salem, chairman of Egypt's state-owned landline telecom monopoly Telecom Egypt, said he resigned on Saturday, shortly after a new government was sworn in by President Abdel Fattah al-Sisi. Salem, a former telecommunications minister, had taken up his job in May after the prime minister named new government representatives to the board. Egypt owns an 80 percent stake in the company, which is facing increasing competition from rivals in the lucrative mobile sector.
"For four months I have done all I can to improve the company's performance ... but I have faced many stumbling blocks and difficulties," he said in his resignation letter, seen by Reuters. He also said he could not operate in a "combative environment." When Salem was appointed the former telecoms minister Khaled Ali Negm was locked in a dispute with the company's management over Internet pricing. A new telecommunications minister, Yasser al-Kady, was sworn in on Saturday by Sisi as part of the new government.
Egypt is struggling to attract foreign investment after years of political turmoil triggered by the 2011 uprising that toppled Hosni Mubarak. The country is due to hold a parliamentary election in October, which concludes in November and a new government is likely to be named after the results are announced.