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WATANIYA INTERNATIONAL AND PALESTINE INVESTMENT FUND PARTNER TO ESTBLISH NEW MOBILE OPERATOR IN PALESTINE 2006-12-12 Wataniya International and the Palestine Investment Fund (PIF) signed today a shareholders' agreement to form a new mobile telecommunications company in Palestine. Under the shareholder agreement, Wataniya International, the manager of the operations, will eventually own 40% of the new company, PIF will own 30% and 30% will be offered to the Palestinian public through a public IPO. "We are proud to partner with the Palestine Investment Fund. Together, we will build a national asset that will enhance the lives of users, businesses and investors alike through the provision of communication services that will deliver high quality customer and employee experiences," said Faisal Al Ayyar, Chairman of Wataniya International. "The growth potential of the telecommunications sector in Palestine, supported by its liberalization and reform, present a highly attractive business opportunity," said Dr. Mohamed Mustafa, General Manager of the Palestine Investment Fund. "By being part of the new company, we will work with our partners at Wataniya International to ensure this sector optimizes its contribution to the Palestinian economy and delivers to the level of the expectations of the Palestinian users and investors alike." In September 2006, the Ministry of Telecommunications and Information Technology in Palestine (MTIT) awarded Wataniya International, the company responsible for leading the pursuit of global expansion opportunities on behalf of the Wataniya Telecom group of mobile operations, the license to build and operate the second mobile telecommunication service in Palestine, with a bid of JD 251 million (Two hundred fifty one million Jordanian Dinars). Wataniya International and PIF will announce the name of the new company and the composition of its board in the near future. "We believe that, with our partners in the country, we can build and maintain a healthy and sustainable operation while actively contributing to the growth and welfare of the people in Palestine. We will do that by being a significant contributor to the building of a strong and independent Palestinian economy, fuelling Palestinian economic growth through direct foreign investment, contributing to the advancement of the information and communication technology sector in Palestine, investing in the build-up and retention of human capital and by delivering direct and indirect employment opportunities," ended Al Ayyar. About Wataniya Telecom Commercially launched in December 1999, Wataniya Telecom is part of Kuwait Projects Company (KIPCO), and has been a driving force in increasing the mobile communications market in Kuwait to more than 90 per cent of the population. Wataniya Telecom is actively expanding its presence in the region serving more than 8.8 million customers in countries with a combined total population exceeding 92 million. For more information, please visit www.wataniyatelecom.com About Wataniya International Wataniya International is responsible for leading the pursuit of global expansion opportunities, as well as leveraging technical, financial and commercial synergies within the Wataniya Telecom group of mobile operations. About The Palestine Investment Fund The Palestine Investment Fund (PIF) was incorporated in 2003 with the aim of consolidating the assets and investments held for the benefit of the Palestinian people. The PIF is registered at the Companied Comptroller as a public shareholding company. The fund is based in Ramallah and in Gaza City, with regional offices in Amman and Cairo. It is headed by a nine-member Board of Directors (BOD), with majority members of prominent Palestinian private sector leaders. PIF serves as an enabling catalyst for sustainable development in Palestine through undertaking and partnering in strategic investment projects in the areas of energy, information and communication technology (ICT), real estate, tourism, among other areas. PIF is dedicated to transparent and accountable corporate behavior, and strives to build a pool of top notch professionals who would become the future leaders of the Palestinian private sector. PIF aims to act as the sustainable anchor working for Palestine by investing in viable and strategic projects. All PIF activities and investment interventions: - Stimulate sound and sustainable private sector; - Contribute to enable business environment; - Promote job creation; - Generate profitable return for the shareholder; - Leverage Palestinian human and capital resources; - Contribute to the process of Palestinian economic independence; - Act as a key promoter of regional economic interdependence - Act as a role model for transparent and accountable corporate behavior. +++ -------------------------- Want to discuss this topic? Head on over to our discussion list, [EMAIL PROTECTED] -------------------------- Brooks Isoldi, editor [EMAIL PROTECTED] http://www.intellnet.org Post message: osint@yahoogroups.com Subscribe: [EMAIL PROTECTED] Unsubscribe: [EMAIL PROTECTED] *** FAIR USE NOTICE. This message contains copyrighted material whose use has not been specifically authorized by the copyright owner. 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