MTC Group supports investment in Jordan

The Forum will be held at a time of accelerated economic reform and emphasis on trade and foreign direct investments aimed at driving growth. In January 2003, with the launch of MTC's 3x3x3 strategy aimed at becoming a global operator in 9 years instead of 27, MTC acquired Fastlink, the first and biggest Jordanian mobile operator, for a total amount of $ 423 million.

MTC now owns 96.5% of Fastlink which has been and continues to be the leading mobile operator in Jordan for over 10 years. Fastlink has maintained its leading position by expanding its coverage areas and providing diversified services to offer clients tailor made solutions that meet their communication needs.

According to Mr. Mohamed Saqer, CEO of Fastlink,

"The economic growth in Jordan over the past few years is what attracted MTC into entering the Jordanian market through the acquisition of Fastlink".

Analysts rate Jordan as one of the most competitive telecom markets in the region with total of four operators, the largest being Fastlink which has over 1.8 million subscribers. MTC has always considered Jordan as a lucrative market and its purchase of Fastlink in its first step on its 3x3x3 road map is plain proof of this. MTC through its subsidiary Fastlink has helped create thousands of direct and indirect jobs in an industry that claims 5% of Jordan's GDP (Gross Domestic Production). Fastlink taxes generated also helped fill the Jordanian government treasury's coffers with an estimated 1 billion USD since 1995. Moreover Fastlink continues to invest heavily and has spent around $ 100 million in its network between the years 2004 to 2005.

The Jordan Economic Forum is considered as a major event for MTC Group bringing together more than 900 participants from many countries in the region and abroad. Businesses, Government Leaders and Professionals will be discussing Jordan's economic vision and investment climate, opportunities, economic reform, privatization, financial and capital markets.

Furthering MTC Group's commitment to Jordan and its economy, MTC Group and Fastlink will jointly be participating at the conference through a delegation and a stand. MTC which expanded in the past 3 years from being a one country operation to an 18 country operation recently increased its Capital by 100% raising an estimated $ 2 billion to further support its profitable expansion strategy. MTC hopes to achieve a global standing by 2011 with more than 30 million customers across 25 countries.

Today MTC boasts a whopping 12.4 million customers across 18 countries including 13 countries in Sub-Saharan Africa through its recent acquisition of Celtel International in deal worth $3.4 billion.