Mr. Ahmad Haleem, Chief Executive Officer of Wataniya International, said "We are delighted to announce this exciting new venture with an internationally recognized leader in the telecommunications industry. The new company will reinforce our leadership in innovation in our markets, and underpins our drive to always bring exciting and relevant services to our customers while increasing the value we offer to our stakeholders."
Sprint Nextel is widely recognized for developing, engineering and deploying innovative technologies, including two robust wireless networks serving 53.1 million customers at the end of 2006. Sprint Nextel plans to launch Mobile WiMAX broadband services in initial US markets by year end 2007.
The formation of the venture is subject to the satisfaction of certain conditions, including regulatory approvals, and the transaction is expected to close later this year.
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Wataniya partners with Sprint Nextel to deliver advanced wireless services in MENA region
- United Arab Emirates: Monday, February 19 - 2007 at 12:37
- PRESS RELEASE
Wataniya International, the global investment and management arm of Wataniya Telecom, today announced that a consortium of regional investors led by Wataniya International have formalized an agreement with Sprint Nextel (NYSE:S), to form Sprint Nextel Middle East, a new company that will deliver advanced wireless communications services in the Middle East and North African region.
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About Wataniya TelecomCommercially launched in December 1999, Wataniya Telecom is part of Kuwait Projects Company (KIPCO), and has been a driving force in increasing the mobile communications market. The company's market capitalization as of December 2006 is USD $4 billion.
About Wataniya International
Wataniya International is responsible for leading the pursuit of global expansion opportunities, as well as leveraging technical, financial and commercial synergies within the Wataniya Telecom group of mobile operations.
Posted by Anne-Birte Stensgaard, Senior News EditorMonday, February 19 - 2007 at 12:37 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
This article was updated on Fri Mar 16 2007.
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