The MTC-led consortium announced that it has been successful in the auction for the third mobile telecommunications licence in the Kingdom of Saudi Arabia (KSA) having bid SR 22.91 billion (US$6.109 billion).
This licence gives MTC a presence in the largest market in the Gulf Cooperation Council (“GCC”) in terms of population and the largest economy in the Middle East and Africa, reinforcing MTC’s position as a leading emerging markets operator.
The kingdom's Communications and Information Technology Committee qualified seven offers last week, including from South Africa's MTN and a consortium including Kingdom Holding Co., owned by Saudi tycoon Prince Alwaleed bin Talal and Turkish mobile operator Turkcell.
UAE-based Emirates Telecommunications Corp. (Etisalat) led a consortium that paid $3.25 billion for Mobily, the kingdom's second operator, in 2004.
