ShareKUWAIT: Kuwait will offer 50 percent of the shares of its Fixed Communications Network Development Project company to citizens through an initial public offering (IPO) after the project is fully operational, Acting Undersecretary of the Ministry of Communications Mishal Al-Zaid told KUNA.
The project will have the ministry partner with a reputable international telecommunications operator to manage and extend its entire fixed communications network. Last October the Public-Private Partnership Projects Authority (PPP), in collaboration with the Ministry of Communications invited qualified companies and consortiums to submit their requests for proposals for the project. Eligible participants for this project are: Bahrain Telecommunications, E& International Holding Limited, TAMM - S.P.A., and Brookfield Corporation. He emphasized that collaboration with private sector investors will enhance investments in the communications infrastructure in Kuwait.
He noted that the final value of the project will be determined after receiving and evaluating all bids from qualified companies and consortiums according to the systems and procedures followed by the Partnership Projects Authority and the Ministry of Communications.
Zaid said the project will also provide new job opportunities for citizens interested in working in the digital economy — at least 65 percent of employees will be Kuwaiti. According to KUNA, the agreement will span a total of 50 years, including both the construction phase and the operational management of the necessary sites for the network’s development. The project’s primary goal is to provide a high-speed telecommunications network with an initial capacity of 10 gigabits per second. It also aims to expand the fiber optic network to cover at least 90 percent of homes across Kuwait, ensuring that the country meets modern industry standards while enhancing the quality of service and internet speeds for users. — Agencies
