Virgin Mobile Middle East & Africa secures funding for Kuwait expansion

Wafra International Investment leads debt finance of $13mln

  
Virgin Mobile Middle East Africa secures funding for Kuwait expansion
  • Impulse leads equity funding round of $7 million with aim of improving services, transferring technology, and creating employment opportunities.
  • Virgin Mobile set to launch services in Q4 of 2021 

Kuwait: Wafra Investment International, Impulse International, and Virgin Mobile Middle East and Africa, the region’s leading mobile virtual network operator (MVNO), today jointly announced their intention to launch in Kuwait. This partnership will create an expansion in local technological services, which will contribute to enhancing the digital infrastructure and economic development in the country.

Wafra International Investment Company CEO, Ghazi Al Hajeri, stated, “Debt funding of $13 million 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, he added. The investment in Virgin Mobile Kuwait positions Wafra on the company’s Board of Directors, Al Hajeri explained.

“Wafra’s new strategy aims at attracting investments that are development in nature, while seizing unique investment opportunities through enabling companies to offer the best digital and technological services,” Al Hajeri added. “We are very proud of our partnership with a prominent global entity such as Virgin Mobile,” he concluded. 

Impulse International for Telecommunications CEO Izzat Abou-Amarah, who commented on the partnership, said “Impulse led the equity term sheet of $7 million for the Kuwait entity, which is a milestone for the telecom sector in Kuwait, as this is the first MVNO to enter the market. This fits perfectly with our strategy of introducing differentiated services through technology transfer. Impulse will be represented on the Board of Directors of the company.”

He continued, “This deal will allow Virgin Mobile Kuwait to provide the best technological services in its field, transferring technology and knowledge in the telecom sector while providing a more digital platform which reflects the global trend of service providers, while also providing new job opportunities.”

“Impulse was established with the purpose of investing in the ICT sector, as well as becoming an operational entity to help drive Kuwait’s Vision 2035. The investment in Virgin Mobile is a key step towards realizing that vision,” Abou-Amarah concluded.

Erik Dudman Nielsen, Founder & Chief Executive Officer of Virgin Mobile Middle East & Africa, commented: “We are thrilled to be launching our unique, digital-first proposition in Kuwait. Our presence, following other successful launches in the GCC, is a key part of our expansions plans for the region and our ongoing commitment to always provide more choice for consumers as well as to push the boundaries of traditional telco with our innovative, digital propositions. We believe Virgin Mobile’s launch in Kuwait will usher in a new era in connectivity and customer experience for Kuwait’s tech hungry population.”

Benoit Janin Chief Executive Officer of Virgin Mobile Kuwait said the company will launch its fully digital app-based proposition in the State of Kuwait under the Virgin Mobile brand, designed to serve Kuwait’s young, digitally focused consumers and provide more choice in the market. It will become the fourth service local mobile operator.

Currently operating across GCC markets including Saudi Arabia, Oman and the UAE, Virgin Mobile Middle East & Africa has been catering to the continuously growing number of mobile users offering world-class products and services since 2007, serving 3 million customers across the region.

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