Virgin Mobile Middle East and Africa and the Saudi Arabian Investment Company, Sanabil Investments, have signed a deal in which Sanabil Investments is making a significant investment in Virgin Mobile Saudi Arabia in return for a substantial minority stake in Virgin Mobile Saudi Arabia.
The companies did not specify any figure.
Ibrahim Alromaih, CEO of Sanabil Investments, said: “Sanabil Investments actively looks for profitable sustainable opportunities that support the growth of the Kingdom’s economy while transferring expertise and knowhow to Saudi Arabia. We are excited about our direct investment in Virgin Mobile Saudi Arabia. They have shown substantial growth since their launch, and have used their first mover advantage to pioneer the development of an innovative MVNO business model in Saudi Arabia. We look forward to Virgin Mobile Saudi Arabia continuing to strengthen its market position and achieve its vision and goals.”
Mikkel Vinter, CEO and founder of Virgin Mobile Middle East and Africa, said: “We would like to thank our customers, local partners and, of course, the CITC for the considerable support we have received so far in the Kingdom. We believe that the opening of the market to MVNO’s in Saudi Arabia will significantly broaden consumer choice, and further accelerate the introduction of MVNOs across the region. We are honoured by the investment by Sanabil Investments. Sanabil Investments is an excellent partner for Virgin Mobile Saudi Arabia, and we hope to rapidly grow and prosper with such an esteemed partner supporting our vision and goals. We look forward to bringing increased choice of the most innovative, useful and entertaining mobile services to our customers both in Saudi Arabia and across the MEA region, based on the unique style and customer experience that has made Virgin Mobile the most successful mobile services brand globally.”