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FINANCIAL NEWS
Saudi Telecom eyes Syrian market
26 Oct 2010
(MENAFN) Saudi Telecom (STC) said that it is interested in bidding for a mobile license in Syria, one of the few countries in the Middle East with low mobile penetration and promising growth chances, SPA reported.
Last month, Syria tendered to sell a third mobile operator license, with a deadline for submitting a prequalification application expiring on Nov. 14.
STC, which made its expression of interest in a statement on the Saudi bourse website, is facing increasing competition from Mobily and more recently Zain Saudi in its home market, the biggest Arab economy.
Turkey�s Turkcell and Kuwait�s Zain have said they were interested in Syria, which has a population of 20 million people and about 7 million mobile phone users.
The two current cellphone operators in Syria are South Arica�s MTN and Syriatel, which is mostly owned by Syrian businessman Rami Makhlouf.
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