The territories lead Mobile Virtual Network Operator (MVNO), the Virgin Mobile Middle East and Africa has announced to launch out a wholly digital app-based proposition in Kuwait under the brand The Virgin Mobile.
The announcement follows as part of their expansion plans and the subsequent successful application for a business license via an alliance with Kuwait Telecommunications Company (stc) to empower its operations, and secure debt and equity funding.
By doing this launching of a whole series of digital app-based proposition in the country under the Virgin Mobile brand, the firm will become the fourth service provider in the territory. STC Kuwait will act as a host facilities-based provider with Virgin Mobile Kuwait to offer digital services to clients in the Nation.
All of the latest operations’ IT and app technology will be grounded on Virgin Mobile Middle East and Africa’s digital operator platform.
The Founder as Chief Executive Officer of Virgin Mobile East as well as Africa, Erik Dudman Nielsen stated out that: “Our presence [in Kuwait], following other successful launches in the GCC, is part of our ongoing commitment to always provide more choices for consumers as well as to push the boundaries of traditional telco with our digital propositions.”
The firm has got the required funding for the Kuwait based expansion offered in from the Wafra International Investment Company, Impulse International for Telecommunications and Virgin Mobile Middle East and Africa.
Ghazi Al Hajeri, Wafra International Investment firm CEO was prompt to answer that: “Debt funding of $13m has been provided by Wafra to allow expansion of the Virgin brand into the Kuwait market. This is the first investment of its kind, established to set up a virtual telecommunications network.”
Al Hajeri was also quick to explain that this investment will position the firm Wafra on the Virgin Mobile Kuwait’s Board of Directors list. The rest of funding has been aided on the basis of equity funding and Impulse International leads the charge in field of the Equity transaction with the firm.
The CEO at Impulse International for Telecommunications, Izzat Abou-Amarah, stated out that: “Impulse led the equity term sheet of $7m for the Kuwait entity, which is a milestone for the telecom sector in Kuwait, as this is the first MVNO to enter the market. Impulse will be represented on the Board of Directors of the company.”
This strategic deal will empower Virgin Mobile Kuwait with access for offering in the best technological services in its field, shifting technology and knowledge in the telecom sector while offering up a superior digital platform which reflects the global trend of service providers, while also offering latest employment prospects.”
Virgin Mobile Middle East and Africa is aiding 3 million clients across the region, operating across GCC markets such as Saudi Arabia, Oman and offering its advisory services to Emirates Integrated Telecommunications Company (EITC) in the UAE.
