Qtel Updates its Egyptian GSM License Bid

Qatar's Qtel has announced its second partner in the bid for the 3rd Mobile License in Egypt. Qtel says that it has partnered with Naeem Holding, an Egyptian company; one of the fastest growing Investment Banking houses in the region. Qtel has already announced its partnership with ST Telemedia, an information-communications company. Together, Qtel, ST Telemedia and Naeem Holding have formed a consortium, of which Qtel is majority owner, to jointly bid for the 3rd GSM License in Egypt.

Naeem Holding has Private Equity, Corporate Finance, Asset Management and Brokerage operations in the Kingdom of Saudi Arabia, Egypt and the United Arab Emirates and branches in other GCC nations. As consortium partner, Naeem Holding will provide the crucial local expertise and knowledge of the Egyptian market.

Sheikh Mohammed Bin Suhaim Al Thani, Qtel's Deputy Chairman said, "We are very pleased to have added another strong partner like Naeem Holding to our consortium. We are confident that Qtel, Naeem Holding and ST Telemedia's collective operating experience; local, regional and international expertise and market knowledge of various countries in the Middle East, North Africa, Asia Pacific, Europe and the Americas, embodies the right partnership to bid in a dynamic market such as Egypt."

Posted to the site on 17th April 2006