Kuwait Panel Oks Third Mobile Operator

KUWAIT CITY, 31 May 2004 — Kuwait Parliament’s financial affairs committee has approved draft legislation calling for a third mobile telecommunications company in the oil-rich emirate, the committee chair said yesterday. “We have approved the legislation after consultation with the Ministry of Communications which made no objections. This will create more competition in the local market for the benefit of consumers,” Abdulwahab Al-Haroun told AFP. Forty percent stake in the new company has been allocated to the state’s pensioner institution, another 40 percent will be sold to the public, 10 percent for pension funds while the remaining 10 percent will go to strategic investors, he said.