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Second Mobile Network Licensed in Comoros
A group of Kuwaiti investors say that they have been granted a mobile license in Comoros, breaking the monopoly held by the government owned operator, Comoros Telecom (Comtel). Bachar Kiwan, leading a delegation of Kuwaiti investors promised an investment of around $40 million in the new company.
The new company, Comoro Gulf Holding is 10% held by the government and 90% owned by an unnamed Kuwaiti prince and other Arab investors. The group also plans to invest some $15 million in a local bank.
According to figures from the Mobile World database, the incumbent operator ended last year with just 56,000 GSM subscribers, which represents a miserly 7.8% population penetration.
Comoros is one of the poorest countries in the world. Economic growth and poverty reduction are major priorities for the government. With a rate of 14.3%, unemployment is considered very high. Agriculture, including fishing, hunting, and forestry, is the leading sector of the economy, and 38.4% of the working population is employed in the primary sector. However, a recent surge in investment is fueling a move towards tourism on the island nation.
Posted to the site on 22nd April 2008