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GIC invests $50m in Virgin Mobile MEA
- Middle East: Wednesday, March 13 - 2013 at 02:40
Gulf Investment Corp (GIC) is set to invest $50m in Virgin Mobile Middle East & Africa (VMMEA) as the telco looks to expand in Saudi Arabia and North Africa, Dow Jones has reported. The mobile virtual network operator (MVNO), which operates in South Africa, Oman and Jordan, is currently preparing a proposal to win one of three MVNO licences set to be offered in Saudi Arabia, and the GIC investment will help fund potential expansion into the kingdom, said VMMEA chief executive, Mikkel Vinter. "Saudi is clearly number one in terms of focus, but we are also working fairly intently on a number of other markets," he said. The company is examining opportunities in Egypt, Tunisia, Morocco, Singapore, Indonesia and Malaysia, he added.
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