Saudi Telecom won a hotly-contested battle for a 26% stake in Kuwait's new third mobile carrier. The Saudi telco will invest about $907.7 million for the stake that was being auctioned by the government, but Saudi Telecom sees great growth opportunity against market leaders Zain and Watinaya, despite the Kuwait mobile market being already highly saturated. The company also is eager to expand outside of its native Saudi Arabia as competition intensifies there.
For more:
- read this story in Arabian Business.com