KUWAIT - In a press release, the company attributed its successful bid to "the most achievable synergies and the operating expertise" enjoyed by "the strong consortium," including it and Saudi partners.
Commenting on the transaction, Dr. Saad Al Barrak, Chief Executive Officer of MTC, said: "We are delighted to have acquired the third mobile license in the attractive Saudi mobile market.
"We have a strong consortium of Saudi partners, the most achievable synergies, and the operating expertise to bring world class services to the people of Saudi Arabia.
"This success underscores MTC's leadership position in the Middle East and beyond and recognizes the trust that the KSA has placed in us," Al-Barrak asserted.
The deal makes the kingdom the 21st country in the Middle East and Africa and the seventh Arab country having MTC operations, he pointed out.
Meanwhile, Al-Barak praised MTC partners in Saudi Arabia who constituted a value-added to the consortium.
MTC will continue to provide best services to more than 30 million customers in the kingdom and across the Middle East and Africa, he pledged.
MTC currently holds a 50 percent interest in the consortium which will be reduced to 25 percent following a mandatory initial public offering ("IPO") of the new mobile operator in the KSA and allocations to two government entities.
The expected launch date of MTC's services in the KSA is early 2008.
Founded in 1983 MTC-Vodafone has the latest communication technologies that enabled it to be the first operator of the third generation of mobile communications in the region, starting from its network in Bahrain.
