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Gulf Investment backs expansion of Virgin Mobile in MENA
2013-03-12 13:49:00| Telecompaper Headlines
(Telecompaper) Gulf Investment Corporation (GIC) has announced that it will invest USD 50 million in Virgin Mobile Middle East & Africa (VMMEA), a MVNO headquartered in Dubai. VMMEA is the regional arm of the global group Virgin Mobile, which has operations on five continents and about 20 million mobile customers. GIC is a financial institution owned by the six Gulf Cooperation Council (GCC) countries. Established in 1983 to promote the role of the private sector and support economic development in the GCC, GIC has invested billions of dollars in more than 50 projects across multiple industries in partnership with both private and government entities. GIC and the Virgin Group will be the two biggest single shareholders in VMMEA, alongside global and regional shareholders including ePlanet Capital, Dolphin International, NTEC and Millennium Private Equity. Virgin Mobile has already launched MVNOs in Oman, Jordan, Saudi Arabia and South Africa.
Tags: mobile
investment
expansion
virgin
Category:Telecommunications