Virgin Mobile prepares to enter the Kuwaiti market
This announcement comes after the successful application of obtaining a commercial license through a partnership with Kuwait Telecom Company stc to enable its operations and secure debt and equity financing for expansion.
MVNO is launching its fully digital application-based offerings in the country under its own brand.
Stc Kuwait is working as a host facility provider with Virgin Mobile Kuwait to provide digital services to customers in the country.
The company is scheduled to launch in Kuwait before the end of this year to become the fourth local operator of mobile phone services.
All IT technologies and applications for new processes are based on the company’s digital operating platform.
The founder and CEO of the company commented: Our presence in Kuwait, after other successful launches in the GCC countries, is part of our continued commitment to always providing customers with more options.
The expansion in Kuwait was funded by Wafra International Investment Company, Impulse International Communications and Virgin Mobile Middle East and Africa.
The CEO of Wafrah International Investment said: “Wafra has provided debt financing of $ 13 million to allow the expansion of the Virgin brand in the Kuwait market, and this is the first investment of its kind created to create a virtual communications network.
The remainder of the financing is provided as equity financing, with Impulse International leading the equity deal.
The CEO of Impulse International Communications said: “Impulse International led the list of property rights of $ 7 million for the Kuwaiti entity, which is a milestone for the telecom sector in Kuwait, as this is the first MVNO to enter the market.
He added: This deal allows Virgin Mobile Kuwait to provide the best technological services in its field, transfer technology and knowledge in the telecommunications sector while providing a digital platform that reflects the global trend of service providers, in addition to providing new job opportunities.
Virgin Mobile Middle East and Africa serves 3 million customers across the region, and operates in the GCC markets, such as: the Kingdom of Saudi Arabia, the Sultanate of Oman and the United Arab Emirates.
The company provides consulting services to the Emirates Integrated Telecommunications Company – du – in the United Arab Emirates.