When you sit across from Dr Karim Bennis, group chief financial officer (GCFO) of e&, there’s a quiet intensity that’s hard to miss — a precise, forward-focused energy that mirrors the company’s transformation under his financial stewardship.

We’re meeting at the e& Tower in Abu Dhabi, where sunlight spills through floor-to-ceiling windows and across a sleek, utilitarian office — the kind of room where billion-dirham decisions are regularly debated and signed. Bennis, a polyglot with an academic pedigree spanning MIT, HEC Paris, Sciences Po, INSEAD and Harvard, exudes the kind of intellectual fluency and cultural agility that defines a new era of financial leadership. This isn’t your spreadsheet-bound CFO; Bennis is part strategist, part catalyst — an influential force behind e&’s evolution from regional telecom operator to global tech powerhouse.

Once a regional telecom giant, e&’s now a global technology brand with its reach extending into fintech, AI, enterprise solutions, media, entertainment, and digital services. And while headlines often celebrate the brand’s meteoric rise, the narrative behind that success is as much about strategic financial orchestration as it is about opportune timing – and that’s precisely where Bennis’s influence shines.

“Our journey of growth has been powered by bold moves, smart strategy and an unwavering commitment to financial discipline,” Bennis says, his tone both assured and reflective. “By staying true to our strong foundations and a crystal-clear vision for the future, we’ve redefined what’s possible.”

Beyond telecom: Embracing the techco mindset

The true transformation, as Bennis articulates it, lies in e&’s strategic pivot from a traditional telco to a dynamic techco. This evolution demanded more than just a change in branding; it necessitated a fundamental rethinking of how value is generated and captured in the rapidly evolving digital age.

“Telcos bring something unmatched to the table: massive infrastructure, expansive networks, and access to millions of diverse customers,” Bennis explains, his hands gesturing to emphasise the scale. “Meanwhile, techcos inject the innovation DNA — the agility, the rapid iteration, the bold thinking — that enables breakthrough products and hyper-personalised solutions.”

For the GCFO, the convergence of these two worlds isn’t merely an interesting business case – it’s the blueprint for e&’s sustainable and future-proof growth.

Under his astute financial leadership, e& has strategically scaled its digital verticals, including the burgeoning e& enterprise and the customer-centric e& life, effectively leveraging a vast base of more than 190 million subscribers to unlock entirely new and diverse revenue streams.

Record results, resilient strategy

The financial figures themselves narrate a compelling story. In a rapid evolving market, the relentless pursuit of improvement has led to five consecutive years of record performance.

In the fiscal year (FY) 2024, e& delivered its highest-ever revenue, reaching an impressive Dhs59.2bn, with net profit reaching Dhs10.8bn. The group’s operating free cash flow stood strong at Dhs18.2bn — representing a significant 31 per cent of total revenue — a testament to their operational efficiency and financial resilience, providing ample capacity to fund ambitious investments while still delivering a healthy and sustainable dividend yield.

“It all comes down to timing, vision, and fearless execution — making the right moves, at the right moment,” Bennis emphasises, his gaze direct, underscoring the strategic agility that defines e&’s approach.

This long-term view is also embedded in the company’s shareholder value strategy, including its commitment to robust dividend payouts. For FY24, e& proposed a total dividend of Dhs0.83 per share, maintaining a progressive and reliable return to shareholders that reflects confidence in the business’ cash-generating ability in the future.

“We’ve always believed in creating tangible, consistent value for our shareholders,” Bennis says. “That’s why we’ve not only maintained but enhanced our dividend policy over time — backed by strong free cash flow, resilient performance, and an effective capital allocation framework.”

He also credits the close alignment with e& group CEO Hatem Dowidar as a pivotal component of the company’s success.

“Working with Hatem has been incredibly empowering,” says Bennis. “He has instilled a culture of ambition and trust across the organisation. We operate with a shared vision, and his leadership has allowed finance to take on a far more strategic, front-facing role. There’s clarity in our direction — and that accelerates execution.”

Expansion at breakthrough speed, grounded in value

For Bennis, the pursuit of growth is intrinsically linked to the strategic identification and decisive capture of opportunities — always executed with discipline and a value-centric mindset. e&’s international expansion into the Central and Eastern European markets serves as a strong case in point.

The group’s acquired assets in Hungary, Serbia, Bulgaria, and Slovakia are demonstrating robust year-on-year growth of 7 per cent, with EBITDA margins consistently generating around a healthy 43 per cent.

“Our ability to move fast and seize the right opportunities has paid off,” Bennis notes, a hint of satisfaction in his voice. “But it’s never growth for growth’s sake — it’s about fit, performance, cash generation and value.”

This disciplined mindset is evident in e&’s major partnerships — from building the largest private 5G network in the energy and manufacturing sectors, to an over $1bn collaboration with Amazon Web Services (AWS) in the cloud space.

“At e&, we approach investment not just with capital — but with conviction, clarity, and purpose,” he elaborates. “We don’t just follow the trends. We look around corners.”

Bennis is also keen to highlight the role of operational efficiency and innovation in value creation. “Through it all, our rock-solid financial discipline, consistent performance, and transparent practices continue to earn the trust of our investors,” he says. “What truly sets us apart is our unique ability to blend strong financial outcomes with long-term value creation. Our evolution into a global tech powerhouse has propelled e&’s brand and investment value to a historic high — a staggering $20bn.” And that trust has financial expression. e&’s best-in-class credit ratings of AA- from S&P Global and Aa3 from Moody’s reflect its exceptional balance sheet strength, ensuring both stability and agility as the group explores bold frontiers.

“These ratings aren’t just symbols — they represent our capacity to invest boldly while protecting value. They reduce our cost of capital and give us unmatched financial flexibility,” he emphasises. As e& continues its trajectory of expansion and growth, both regionally and on the global stage, Bennis identifies key opportunities and challenges.

“Our UAE core market remains a critical engine of cash flow and stability, underpinned by our market leadership and high customer loyalty. However, with high market penetration, long-term sustainable growth demands strategic diversification — both across geographies and business verticals. Expanding regionally and globally isn’t just an ambition — it’s a necessity. We’re committed to accelerating our geographic diversification and digital transformation to tap into new revenue streams and reduce over-reliance on mature markets.”

Navigating the complexities of diverse international markets requires both strategic foresight and operational agility. “In markets such as Egypt and Pakistan, where currency volatility and inflation pose challenges, our proactive regulatory engagement and tailored pricing strategies proved effective. In 2024, we successfully implemented price increases in both countries — a testament to our operational agility and local insight. Our broad international footprint and strong balance sheet allow us to absorb shocks and continue delivering organic, profitable growth across a diverse set of markets.”

The evolving global operating environment necessitates constant adaptation and vigilance. Bennis further explains: “The global operating environment continues to shift, but our resilient regulatory relationships and vigilance in risk monitoring ensure business continuity. We’re constantly adapting to evolving regulatory frameworks and geopolitical factors — a strategic capability that enables us to stay one step ahead of disruption. Our investments in AI, cybersecurity, and next-gen infrastructure are not just defensive plays — they are foundational to our future-readiness. Today, we have deployed more 1,100 AI use cases focused on efficiency gains, risk mitigation, and customer-centric innovation.

“Maintaining a strong liquidity position and conservative leverage is key to our flexibility in navigating uncertainty, enabling us to fund growth, manage volatility, and respond quickly to market shifts. Our focus on reinvestment is equally disciplined. We’re doubling down on high-growth sectors like 5G, fibre, cloud, cybersecurity, and AI-powered services, which are reshaping the digital economy. At the same time, strategic monetisation plays — such as the $2.2bn Khazna sale — exemplify our ability to realise value and deleverage our balance sheet further.”

Financial leadership in a volatile world

Despite global headwinds, Bennis remains resolute in his belief that financial agility is the key to future-proofing the business.

“To stay ahead, finance must be its own disruptor,” he asserts. “That means challenging the status quo, anticipating risks before they emerge, and spotting opportunities where others see uncertainty.”

From strategic geographic diversification to robust hedging strategies and real-time data-driven planning, e& maintains stability in an unpredictable world. “As GCFO, my mandate is clear: ensure our financial strategy accelerates growth while safeguarding resilience,” Bennis adds. “That means channelling capital into high-impact areas like AI, fintech, cybersecurity and cross-border expansion, while securing the best terms for financing.”

He sees his role as more than a financial gatekeeper — it’s about enabling transformation.

“Change is never easy, especially at this scale. But with the right mindset, structure, and sense of priority, we can move at breakthrough speed — and deliver breakout value,” he says.

Karim Bennis says: People first, always

Despite the company’s digital acceleration, Bennis highlights the enduring importance of people.

“At the end of the day, our numbers reflect our people’s dedication — not the other way around,” he says. “Their energy, expertise, and day-to-day commitment are the real assets that drive sustainable growth.”

He speaks passionately about empowering teams and fostering a culture of speed and transparency, without compromising on discipline. “True resilience means more than endurance — it’s about foresight, preparation, and the ability to adapt in real time,” he reflects.

The evolving CFO

As industries shift, the CFO role evolves. For Bennis, it’s about being a transformation partner.

“The CFO is no longer just the steward of financials but a key architect of business transformation,” he says. “From data analytics to real-time forecasting, technology is reshaping financial decision-making, requiring CFOs to be fluent in digital tools.”

He also highlights the growing relevance of ESG, DEI, and purposeful collaboration.

“Autonomy, flexibility, and independence are critical for CFOs to become unbiased and objective in their judgements,” he adds.

Today’s priorities, tomorrow’s opportunities

At e&, the future is already in motion. The company’s financial strategy has always fused prudence with ambition, and 2025 will further amplify this blend.

“We are operating in a world that is volatile, complex and uncertain — so while we double down on cash flow generation and capital allocation discipline, we are also laser-focused on forward investments that support our telecom infrastructure and digital evolution,” says Bennis. “We don’t see these as opposing forces, but as complementary imperatives.”

With strong cash flows, premium credit ratings, and a reputation for delivering shareholder returns, e& is poised for the next era of value creation.

“Our strategy is simple: scale innovation, sustain performance, and serve shareholders,” Bennis says. “That’s how we continue to lead — not just in our sector, but across markets.” What ties it all together is our adaptability and strategic foresight. In a world of constant change, we’ve stayed ahead — not by reacting, but by anticipating and acting. With bold planning, sharp execution, and an eye for opportunity, we’ve delivered outstanding results — and we’re just getting started,” he concludes, with a confident smile.

Bennis’ beliefs

Words of wisdom from Dr Karim Bennis

• “I always tell my children: don’t be the best, be unique.”
• “The objective is not to be number one in profit or dividend. Many things are not in our control — what matters is focus, commitment, and engagement.”
• “I never walk into a meeting unprepared. Even if it’s just 20 minutes with my CEO or board — I anticipate every question and prepare my response
  in advance.”
• “When you’re motivated, you will go the extra mile beyond your limits.”
• “Discretion is one of my values. It is critical to business success.”

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The CFO’s playbook: 10 leadership insights

Group CFO Dr Karim Bennis, shares 10 impactful leadership lessons gleaned from his experiences

01 Results speak louder than words

Bennis prioritises tangible achievements over self-promotion. “Our journey of growth has been powered by bold moves, smart strategy, and an unwavering commitment to financial discipline.” e&’s global expansion and brand valuation exemplify this results-driven approach.

02 Cash is paramount

Financial discipline underpins sustainable growth. “Only cash matters. If your business doesn’t generate cash, you’re off-track.” This principle guides e&’s strategic decisions.

03 Trust and empower

True delegation involves granting real authority. “Delegation is not about passing tasks. It’s about transferring responsibility and authority.” This fosters ownership and agility within e&.

04 Focus on resilience

Empowered leadership and internal control are key in uncertain times. “By harnessing the power of data analytics and automation, we’ve driven operational efficiency and reallocated resources toward high-growth opportunities.” This focus fuels e&’s resilience. In a volatile world CFOs resilience starts with understanding macroeconomic forces.

05 Preparedness is key

Navigating global expansion requires local insight and strategic foresight. “In markets such as Egypt and Pakistan, where currency volatility and inflation pose challenges, our proactive regulatory engagement and tailored pricing strategies proved effective.” Preparedness turns pressure into performance. It is not a luxury, it’s a responsibility.

06 Communicate effectively

Modern CFOs are strategic communicators. “The CFO is no longer just the steward of financials but a key architect of business transformation.” Clear narratives drive understanding and alignment.

07 Sustainable growth focus

Balancing short-term goals with long-term investments is vital. “Our financial strategy is centered on striking the right balance — delivering on our short-term commitments while continuing to invest in emerging technologies that will drive long-term growth.”

08 Calculated boldness

Strategic risk-taking and proactive planning are crucial. “To stay ahead, finance must be its own disruptor.” e&’s strategic financial planning anticipates and navigates global shifts.

09 Challenge the status quo

A forward-thinking CFO questions comfort zones to unlock new value. It is not optional; it’s a strategic imperative while at the same time maintaining a legacy approach can be a silent risk. Challenging the status quo and bold leadership are key drivers of sustained growth.

10 Master communication and embrace continuous growth

Bennis emphasises the critical role of clear communication and a mindset of constant progress. “At the heart of my leadership style is one core belief: communication is essential. The ability to distill complex financial data into a narrative that’s engaging, relevant, and easy to understand is what sets great finance professionals apart. I’ve learned that numbers alone don’t move people — but stories do.” He highlights the power of tailored communication: “Every audience is different. Whether I’m presenting to the board, speaking at an investor conference, or engaging employees during a town hall, I tailor the message to suit the moment. In a world of shrinking attention spans and digital distractions, clear, concise, and compelling communication makes the difference.”

He champions a philosophy of relentless improvement: “That’s why I lead with one simple mantra: reset the clock every single day. No matter how well we performed yesterday, we show up today with the mindset of earning it all over again. That philosophy keeps us sharp. It keeps us accountable. And most importantly, it keeps us hungry — not just for results, but for meaningful progress and lasting impact. I will leave you with the inspirational motto of Vacheron Constantin (the Swiss watchmaker): ‘Do better if possible and that is always possible’.”

Read: e&’s Khalifa Al Shamsi on engineering a new era of digital possibilities