Batelco plans Saudi telecom investments
A consortium led by the Bahraini telco will invest over $500mn in KSA's telecoms sector over next five years.
A consortium led by Bahrain Telecommunications Company (Batelco) is set to invest over $500 million in Saudi Arabia's telecommunications sector over a period of five years.
The investment will be used to put in place necessary infrastructure as well as service delivery channels in the kingdom's telecoms sector, Bahrain Tribune reported today.
The telco would initially invest around $40 million while the consortium of companies would be looking to invest $500 million over five years, the newspaper quoted its chief executive, Peter Kaliaropoulos, as saying.
Batleco is waiting for approval of its fixed-line provider license from the council of ministers before it can operate in Saudi Arabia.
A consortium led by Batelco won one of three fixed-line service licences in the kingdom in April.
The investment in Saudi Arabia is part of Batelco's growth strategy as the company continues its expansion across the region.
According to Kaliaropoulos, Batelco's overseas operations are contributing most significantly to its growth. The telco made BD40million ($106 million) worth of investments last year and will invest BD30 million ($79.6 million) this year, he added.