Ten shortlisted for Kuwait mobile bid

Gulf banks and property firms have been selected to bid for 26% stake in new mobile operator.

  • E-Mail
By  Reuters Published  August 21, 2007

Kuwait Investment Authority has shortlisted 10 consortiums to bid for a 26 % stake in a mobile phone operator set up by the government, the London-based Middle East Economic Digest (MEED) reported on Monday.

The government said earlier this year it planned to open the auction to foreign operators and publicly traded Kuwaiti companies that are not in the telecoms sector.

Abu Dhabi-based Emirates Telecommunications Co and an unnamed international operator bidding with Nour Financial Investment Co are the only telecoms operators shortlisted to lead consortiums, MEED said, without giving the source of the report.

Turkey's Turkcell said on Aug. 7 it planned to take part in the public tender.

The shortlisted firms were primarily banks and real estate firms from the Gulf region, MEED said.

Consortium leaders include Zumorroda Investment Company, wireless data operator Al-Babtain Group, Kuwait Finance House with Aref Investment Group, Safat Investment Group, Fouad al-Ghanim Company, International Investment Group and an unnamed local real estate company.

Local newspaper reports on Monday had said the government had decided to exclude foreign companies from the auction.

Fifty % of the new operator will be sold to the public and the rest held by the government. The deadline for bids is Sept. 7, state news agency KUNA said last month.

Kuwait has two mobile phone networks run by Mobile Telecommunications Co and National Mobiel Telecommunications Co.

Add a Comment

Your display name This field is mandatory

Your e-mail address This field is mandatory (Your e-mail address won't be published)

Security code