JEDDAH, 6 May 2006 — The Saudi Telecom Company (STC) is leading an international consortium to bid for the third mobile license in Egypt.
STC President Saud Daweesh announced that Saudi Telecom signed a Memorandum of Understanding (MOU) with BICO — Egyptian investment company and TMI — Malaysia Telecom company to bid for Egypt’s third operator mobile license.
The Egypt government’s sale of a third mobile license will allow a new entrant into a market dominated by MobiNil. As a regional telecommunication market leader and one of the top 15 telecommunications operators worldwide, STC decided to bid for Egypt’s third mobile license. STC’s long experience in leading the Kingdom’s telecommunication industry since 1998, and currently having over 12 million mobile customers, undeniably puts the company forward as a strong candidate for the license.
“The alliance with BICO — one of the biggest Egyptian investment companies with over 30 years wide scope of work experience in the Egyptian market, will enable STC to address Egypt third mobile license requirements and standards made by the Egyptian national telecommunication authority,” said Daweesh.