Egypt's Raya Technology and Communication (RAYA.CA) is no longer interested in bidding for two licences to supply cable, voice and Internet services to residential compounds, Al-Mal newspaper reported on Sunday. The National Telecommunication Regulatory Authority announced in September it was offering two such licences to serve Egypt's rapidly growing residential compounds in suburbs and satellite cities. "Raya has officially decided to withdraw from bidding," al-Mal reported, citing Medhat Khalil, chairman of Raya. The firm sells mobile handsets, runs call centres and provides outsourced IT services. Khalil said the company would not make sufficient profit from the licence because of the tough conditions the regulatory authority put on them.