STC adds Bahrain licence to overseas investment portfolio

Bahrain’s Telecommunications Regulatory Authority (TRA) yesterday confirmed STC the winner of the country’s third mobile licence, with the Saudi operator having bid BD86.687 million (US$230 million) for the concession.

In addition to the US$230 million bid for the third mobile licence, STC has committed US$300 million to establish a venture capital fund to foster ICT development in Bahrain

The TRA’s general director Alan Horne said the regulator would officially award the licence to STC once the latter had completed registration of the company with the Ministry of Industry and Commerce, and after conclusion of post-evaluation obligations.

As part of STC’s bid, the operator promised to construct a robust high-capacity mobile network focused on quality and speed, as well as committing one per cent of its revenue for corporate social responsibility to support e-health, e-learning and sports facilities within in the kingdom. In addition, STC will establish a US$300 million venture capital fund in Bahrain to foster the development of information and communication technologies.

The TRA’s chairman Mohammed Al-Amer stated the other three parties that had registered but did not submit bids when the auction closed on January 11, were Bahrain’s alternative providers Mena Telecom and 2Connect, and a consortium of France Telecom’s Orange and Jordan Telecom.