Business | Telecoms

Kuwait firm eyes mobile licence in Lebanon

Noor Financial Investment, a Kuwait-based investment company, is bidding for mobile phone licences in Lebanon and Qatar, the company's deputy chairman said.

  • Bloomberg
  • Published: 00:02 September 14, 2008
  • Gulf News

Kuwait City: Noor Financial Investment, a Kuwait-based investment company, is bidding for mobile phone licences in Lebanon and Qatar, the company's deputy chairman said.

"We are bidding for a Lebanon licence, and jointly bidding for another licence in Qatar with another operator," in addition to an Omani licence and one in Africa, Noor Financial Investment's deputy chairman Nasser Al Merri said in an interview on Saturday in Kuwait City.

Lebanon plans to auction off its two state-owned mobile telephone companies after six years of delay to lower debt.

Lebanon's credit rating was increased on August 5 by one level to 'B-', six steps below investment grade, from 'CCC+' by Standard & Poor's.

Moody's rates Lebanon's long-term foreign currency debt as 'B3', six levels below investment grade.

Lebanon has about a million mobile-phone users who generate more than $750 million annually in net revenue for the government.

First auction

The sales of MTC Touch and Alfa, originally proposed in 2002, would represent the first auction of state assets since the end of the 1975-1990 civil war.

The Kuwaiti investment firm's telecommunications unit, Noortel, which is expected to start operations in early 2009, completed a share sale in June with a 49 per cent stake sold to investors, Al Merri said, and Noor Financial retains 51 per cent.

With capital of 100 million dinars ($372.9 million), it will hopefully acquire a Middle East telecommunications company "by the end of this year," he said.

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