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Sovereign Wealth Funds Briefing - Categorized | Investment

GIC to invest $50mln in Virgin Mobile MEA to fund expansion

Posted on 13 March 2013

Virgin Mobile Middle East & Africa is set to receive $50 million in funding from Gulf Investment Corporation, as the telco looks to expand in Saudi Arabia and North Africa, according to the Dubai-based company’s chief executive.
The mobile virtual network operator, which operates in South Africa, Oman and Jordan, is currently putting together a proposal to win one of three MVNO licences set to be offered in Saudi Arabia, and the GIC investment will help fund potential expansion into the kingdom, Mikkel Vinter told Zawya Dow Jones on Tuesday………………………………………..Full Article: Source


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