Gulf Investment Corp (GIC) is planning to invest $50 million in Virgin Mobile Middle East & Africa (VMMEA) as the telco looks to expand in Saudi Arabia and North Africa.
The mobile virtual network operator (MVNO), which operates in South Africa, Oman and Jordan, is currently preparing 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.
Source: AMEinfo.com