Orascom bids for telecom network in Yemen
Egypt’s Orascom Telecom (OT), Telecom Egypt and National Communications are bidding for a tender in Yemen to develop a telecom network, reported Al-Alam Al-Youm . The cost of the project is estimated at $100 million.
Also in the running are competitors from Morocco, Jordan, Saudi Arabia and the United Arab Emirates (UAE). The winner is scheduled to be announced within the next few weeks.
Egyptian businessman Naguib Sawiris owns some 60 percent of OT, while the remaining shares are traded on the Cairo and London stock markets. The company was launched in 1998 in partnership with telecommunications giants France Telecom and Motorola for the purpose of creating Mobinil, the first privately owned mobile network in Egypt. — (menareport.com)
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