ABQ Investments acquires stake in Kalaam Telecom

Private investment group ABQ Investments (ABQI) yesterday announced it has taken a ‘significant minority’ stake in Bahrain-based Kalaam Telecom.

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By  Michele Howe Published  June 13, 2007

Private investment group ABQ Investments (ABQI) yesterday announced it has taken a ‘significant minority’ stake in Bahrain-based Kalaam Telecom. ABQI partnered with Saudi-based company Ali Zaid Al Quraishi & Brothers to make the acquisition. Kalaam provides advanced voice, Internet, data and value-added services in Bahrain. Dr Sabah al-Binali, a director of ABQ Investments, said the potential for broadband in the Kingdom was a key incentive for its interest in Kalaam. “Whilst mobile phone penetration in Bahrain is substantial, Internet broadband services are not. It is here that we see excellent potential for growth,” he said. Outside of Bahrain, Kalaam is looking to raise its profile in the region by competing for fixed-line licences in other GCC and Middle East markets, al-Binali added. Other shareholders in Kalaam Telecom include Kalaam Limited and Saudi Arabia’s Shoaibi Group.

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