Kuwait's Noor Financial Investment to bid for Lebanon's mobile phone licence

"Noor Financial Investment, a Kuwait-based investment company, is bidding for mobile phone licences in Lebanon and Qatar, the company's deputy chairman said. "We are bidding for a Lebanon licence, and jointly bidding for another licence in Qatar with another operator," in addition to an Omani licence and one in Africa, Noor Financial Investment's deputy chairman Nasser Al Merri said in an interview on Saturday in Kuwait City.

Lebanon plans to auction off its two state-owned mobile telephone companies after six years of delay to lower debt. Lebanon's credit rating was increased on August 5 by one level to 'B-', six steps below investment grade, from 'CCC+' by Standard & Poor's. Moody's rates Lebanon's long-term foreign currency debt as 'B3', six levels below investment grade. Lebanon has about a million mobile-phone users who generate more than $750 million annually in net revenue for the government.(...)"