Wataniya Telecom and Palestine Ministry of Telecommunication and Information Technology Signs License Agreement for Second Mobile Operator

Wataniya Palestine Mobile Telecommunications Company, the company formed by Wataniya International and the Palestine Investment Fund (PIF) to launch Palestine's second mobile services company, today signed a license agreement with the Ministry of Telecommunications and Information Technology in Palestine (MTIT) bringing the arrival of the new Palestine mobile operator one step closer.

The details of the license agreement have been in negotiation with the Ministry of Telecommunications and Information Technology in Palestine (MTIT) since Wataniya International successfully bid JD 251 million (two hundred fifty one million Jordanian Dinars) for the license to build and operate a 2G/3G mobile telecommunication service in Palestine in September 2006. Wataniya International is the company responsible for leading the pursuit of global expansion opportunities on behalf of the Wataniya Telecom group of mobile operations.

‘The signing of the mobile services license agreement is another step towards realizing the vision for a second mobile services operator in Palestine,' said Ahmad Haleem, Chief Executive Officer, Wataniya International. ‘'Both Wataniya Telecom and the Palestine Investment Fund are committed to making the new mobile telecommunications company a national asset that will enhance the lives of users, businesses and investors alike.'

'We are convinced of the growth potential of the telecommunications sector in Palestine and it is a proud moment for us to sign this new mobile license,' said Dr. Mohamed Mustafa, Vice President of Wataniya Palestine Mobile Telecommunications Company. 'We believe that the new mobile telecommunications company, Wataniya Telecom in Palestine, really brings the best local and regional resources to bear on the task of building a world class mobile services provider in Palestine that will meet the level of the expectations of the Palestinian users and investors alike.'

Wataniya Palestine Mobile Telecommunications Company is 40% owned by Wataniya International, the manager of the operations, and 30% owned by PIF, while the remaining shares will be offered to the Palestinian public through a public IPO.

Mar 14,2007