Jul 27 2005 |
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Morocco's Medi Telecom to Invest EUR 200 Million in the Next Two Years
Cairo (APD) - Othman Benjelloun, president of Morocco's BMCE Bank, said that the recent winner of Morocco second fixed-line phone license Médi Télécom will invest EUR 200 million in Morocco's telecommunication industry during the next two years, the pan-Arab daily, al-Hayat, reported Wednesday.Medi Telecom has dealt a blow to its rival Maroc Telecom, the sole provider of fixed lines telephony in Morocco with 1.3 million fixed lines, after it won early July the new generation of fixed-line phone license in the North African country of Morocco.
Benjelloun added that Medi Telecom has invested 20 billion dirhams (EUR 2 billion) in Morocco during the past five years. More than half of the invested amount was spent to acquire the second GSM license in summer 2000, breaking GSM monopoly of Maroc Telecom.
According to market figures, Medi Telecom was able to sell 3.5 mobile lines in Morocco since it acquired the license back in 2000.
Spain's Telefonica owns 32% stake in Medi Telecom, while Portugal Telecom owns 30% stake and Morocoo's BMCE Bank owns 6.7% stake in Medi Telecom. [FC]
By Eman Wahby
© APD (Arab Press Digest) 2005
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