Telecom Egypt, the state-owned landline monopoly, said it acquired the country's first 4G mobile license on Wednesday at a cost of 7.08 billion Egyptian pounds ($807 million).

Egypt is selling four 4G licenses as part of a long-awaited plan to reform the telecoms sector.

The Egyptian telecoms regulator approved revised terms for 4G mobile broadband network licences earlier this month and offered them to Telecom Egypt and the country's three current mobile providers.

Telecom Egypt was the first company to accept the terms. – Reuters