Qtel to invest $250m in Philippines
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Qtel to invest $250m in Philippines
Web posted at: 12/15/2008 5:28:56
Source ::: THE PENINSULA
DOHA: Qatar Telecom (Qtel) yesterday committed to a $250m investment in the Philippines.
Qtel entered into a partnership agreement with the Philippines’ San Miguel Corporation and signed a memorandum of understanding after a brief meeting at Doha Sheraton Hotel. Signatories include Qtel chairman Sheikh Abdullah bin Mohammed bin Saud Al Thani and Ramon Ang, San Miguel Corp. (SMC) vice chair, COO and president.
“Qtel expressed its interest to invest in Southeast Asia. The company was looking for a partner with money, who understands the Philippine market, so they picked the Philippines,” said Peter Favila, Philippines Department of Trade and Industry secretary.
The meeting coincided with Philippine President Gloria Macapagal Arroyo’s three-day visit to Doha to strengthen economic ties between the two countries.
“Qtel is looking to increase its profile within the Republic of the Philippines and the environment appears increasingly open to external investment and the provision of communication services. We see huge opportunities for growth and partnership within the Philippines. The meeting offered an important opportunity for Qtel to share its ambitions and obligations to the people there,” said Al Thani.
The 60-40 percent partnership of Qtel and SMC, one of the Philippines’ leading business conglomerates, include the ongoing plans of Qtel for expansion and consolidation within Southeast Asia.
The strategic agreement will see the two companies begin exploration of joint opportunities in the wireless broadband, mobile and mobile broadband sectors in the Philippines.
President Arroyo will leave for Abu Dhabi tomorrow for a short visit before heading back to the Philippines.
