Telecom Egypt (TE) will spend E£3 billion ($393 million) on its infrastructure development this year, the telecom company's chief executive officer was quoted as saying.

The company received a revenue of E£1.2 billion from marine cables, with the support of two giant projects with two Chinese companies, said Mohamed El-Nawawy in a Daily News Egypt report.

TE announced that revenues of its retail business grew by 8 per cent in 2014, due to the addition of 350,000 new subscribers.

TE’s revenues retreated by 31 per cent during 2014, due to tax increase, to reach E£2.03 billion compared to E£2.9bn in 2013.