Following approval from CITRA for a MVNO license to operate in Kuwait, Virgin Mobile Middle East and Africa has secured the necessary funding to expand its operation in the country from Wafra Investment International and Impulse International.
According to the jointly announced statement, this partnership aims to create an expansion in local technological services, which will contribute to enhancing the digital infrastructure and economic development of Kuwait.
Commenting on the partnership, Wafra International Investment Company CEO, Ghazi Al Hajeri, said, “Debt funding of $13 million has been provided by Wafra to allow expansion of the Virgin brand into the Kuwait market. This is the first investment of its kind to set up a virtual telecommunications network.” He also said that the investment in Virgin Mobile Kuwait positions Wafra on the company’s Board of Directors.
“Wafra’s new strategy aims at attracting investments that are developmental in nature, while seizing unique investment opportunities through enabling companies to offer the best digital and technological services,” Al Hajeri added.
Similarly, Impulse International for Telecommunications CEO Izzat Abou-Amarah said, “Impulse led the equity term sheet of $7 million for the Kuwait entity, which is a milestone for the telecom sector in Kuwait, as this is the first MVNO to enter the market. This fits perfectly with our strategy of introducing differentiated services through technology transfer. Impulse will be represented on the Board of Directors of the company.”
“Impulse was established with the purpose of investing in the ICT sector, as well as becoming an operational entity to help drive Kuwait’s Vision 2035. The investment in Virgin Mobile is a key step towards realizing that vision,” Abou-Amarah added.
Meanwhile, Erik Dudman Nielsen, founder & chief executive officer of Virgin Mobile Middle East & Africa said, “We are thrilled to be launching our unique, digital-first proposition in Kuwait. Our presence, following other successful launches in the GCC, is a key part of our expansions plans for the region and our ongoing commitment to always provide more choice for consumers as well as to push the boundaries of traditional telco with our innovative, digital propositions. We believe Virgin Mobile’s launch in Kuwait will usher in a new era in connectivity and customer experience for Kuwait’s tech hungry population.”
Benoit Janin, chief executive officer of Virgin Mobile Kuwait said that the company will launch its fully digital app-based proposition in the State of Kuwait under the Virgin Mobile brand, designed to serve Kuwait’s young, digitally focused consumers and provide more choice in the market. It will become the fourth service local mobile operator.
Currently operating across GCC markets, including Saudi Arabia, Oman and the UAE, Virgin Mobile Middle East & Africa have been catering to the continuously growing number of mobile users with their products and services since 2007, serving 3 million customers across the region.