| COUNTRY PERSPECTIVES
-
PALESTINIAN AUTHORITY |
|
Success story |
|
|
| |
|
Watanyia Telecom believes in the power of communication |
In spite of a rather troubled business environment, foreign companies still bet on a brighter Palestinian future. The example of Wataniya Telecom’s involvement in setting up a second national mobile operator is there to prove it. In September 2006, the Kuwaiti telecom holding made a successful USD 356.7 million offer as an upfront licence payment to install and operate new 2G/3G mobile telecommunications system and services. Together with its local partner, the Palestinian Investment Fund (PIF), it had since then been negotiating with the Ministry of Telecommunications and Information Technology in Palestine (MTIT) to finalise the detailed terms of the license. A final agreement was signed on March 15, 2007.
The partners established a new local company called Wataniya Palestine Mobile Telecommunications Company, whose leadership will be logically let to Wataniya. Under the shareholder agreement, Wataniya International, which has meanwhile changed hands in March 2007 to become a subsidiary of Qatar Telecom, will eventually own 40% of its capital. The PIF will hold 30%, while the remaining 30% will be offered to the Palestinian public through an IPO. The commercial launching is expected in the coming months.
Faisal Al Ayyar, Chairman of Wataniya International, believes that his company can be “a significant contributor to the building of a strong and independent Palestinian economy, fuelling Palestinian economic growth through direct foreign investment, contributing to the advancement of the information and communication technology sector in Palestine, investing in the build-up and retention of human capital and by delivering direct and indirect employment opportunities”.
|
|
|
|
|
