Sanabil invests in Virgin Mobile Saudi Arabia

News Wireless Saudi Arabia 1 JUL 2015
Sanabil invests in Virgin Mobile Saudi Arabia
Virgin Mobile and investment firm Sanabil Investments have inked a deal for Sanabil Investments to make a significant investment in Virgin Mobile Saudi Arabia. The investment was made in return for a substantial minority stake in Virgin Mobile Saudi Arabia. Sanabil Investments is a closed joint stock company with a share capital of SAR 20 billion and wholly owned by the Public Investment Fund. Sanabil Investments was established to contribute to the strength of Saudi Arabia's economy by pursuing diversified and attractive local and international investment opportunities and by establishing itself as a leading global investment company. Virgin Mobile Middle East & Africa was the first MVNO to market in Saudi Arabia in Q4 2014 following the decision in 2014 by the Communications and Information Technology Commission (CITC) to offer licences to MVNOs.  It is targeting a regional customer base of over 10 million subscribers within five years, with Saudi Arabia forecast to be the biggest market. 

Categories:

Mobile

Companies:

Virgin Mobile

Countries:

Saudi Arabia

Tags:

Shareholders & subsidiaries, Financial funding

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