Released on: July 29, 2008, 7:34 am

Press Release Author: Sky PR

Industry: Telecommunications

Press Release Summary: Wataniya Palestine Mobile Telecommunications Company (WPT) and its shareholders Wataniya Telecom (National Mobile Telecommunications Company - NMTC; 51% owned by Qatar Telecom QSC (Qtel)) and the Palestine Investment Fund (PIF) are pleased to announce receipt of an official communication from the Palestinian Ministry of Telecommunications and Information Technology (MTIT) confirming that an agreement has been reached for spectrum to be allocated to the Palestinian National Authority (PNA).

Press Release Body: Wataniya Palestine Mobile Telecommunications Company (WPT) and its shareholders Wataniya Telecom (National Mobile Telecommunications Company - NMTC; 51% owned by Qatar Telecom QSC (Qtel)) and the Palestine Investment Fund (PIF) are pleased to announce receipt of an official communication from the Palestinian Ministry of Telecommunications and Information Technology (MTIT) confirming that an agreement has been reached for spectrum to be allocated to the Palestinian National Authority (PNA).

The spectrum agreement, which provides for a staged release of radio frequencies over the next several months, meets key requirements to enable construction and commercial launch of WPT\'s mobile network. The released spectrum frequencies will be allocated by the PNA to WPT, which was established in December 2006 as a joint venture between Wataniya Telecom and the PIF.

Commenting on this development, the Chairman of Qtel and Wataniya Telecom, His Excellency Sheikh Abdullah Al Thani said \"WPT represents one of the most significant foreign investments in the history of Palestine. Despite delays in securing the required frequencies, Wataniya Telecom and Qtel have always been fully committed to this venture. We look forward to launching commercial operations in Palestine and we are very confident that WPT will be a success story that will attract other foreign investors to the Palestinian market.\"

On behalf of the Palestinian shareholders, the CEO of the PIF, Dr. Mohammad Mustafa, said \"The PIF partnered with Wataniya Telecom to establish WPT with a common understanding of the strategic importance of the telecommunications sector for our economy. With the resolution of the frequency allocations we now look forward to the more than 2,500 new direct and indirect jobs that the company is expected to help create in the next few years, and the millions of dollars that will be poured into the economy on business services.\"

Also commenting on this development, the CEO of WPT, Mr. Allan Richardson, said \"With the forthcoming launch of WPT, a new chapter of competition in the Palestinian market will be opened, in which the consumer will be the ultimate winner. Our team in Palestine already includes more than 75 Palestinian professionals, working side by side with telecommunications experts from around the world, to build a world-class telecommunications company that will work tirelessly to exceed Palestinian consumers\' expectations. Our team will now begin to focus on building our network and other components of our operational infrastructure in preparations for our commercial launch. WPT would like to extend its gratitude to all who supported the company since its establishment, especially the Ministry of Telecommunications and Information Technology, and looks forward to working with all stakeholders as it prepares for its launch\".

About:

Wataniya Palestine Mobile Telecommunications Company - WPT
WPT was established in December 2006 as a partnership between Wataniya Telecom (NMTC) and the Palestine Investment Fund. The company was formed after Wataniya Telecom, now majority owned by Qatar Telecom (Qtel), won a tender issued by the Palestinian National Authority for the license to build and operate the second mobile telecommunications network in Palestine. WPT is 57% owned by NMTC and 43% by PIF.

Qatar Telecom QSC - Qtel
Qatar Telecom (Qtel) is a diversified telecommunications group with three business lines including consumer telephony, consumer broadband and corporate managed services, and is committed to expansion in line with the company\'s strategic vision of becoming a global top-20 telecommunications provider by the year 2020. Qtel is a full service telecommunications service provider in the state of Qatar. In addition, over the past 24 months, Qtel has expanded its geographic footprint from 2 to 16 countries within the Middle East and Asia. Since the most recent acquisition of 40.8% in PT Indosat, Qtel has expanded to 44 million customers.

Palestine Investment Fund - PIF
The Palestine Investment Fund (PIF) was established in 2000 as an independent Palestinian investment company committed to maximizing the assets\' value for its primary shareholders, namely, the Palestinian people. PIF\'s vision aims at creating a stimulating investment environment that benefits the Palestinian people and is founded on the desire to augment domestic investments in various economic sectors, the most important of which are those of telecommunications, real estate, tourism, and energy.

Wataniya Telecom / National Mobile Telecommunications Company (NMTC)
Wataniya Telecom was commercially launched in 1999 as the first privately owned mobile operator in Kuwait. In March 2007, Qatar Telecom (Qtel) acquired a 51% interest in Wataniya Telecom. Wataniya is a customer driven company that aims to provide product and service excellence leading to real customer value. The company has been a driving force in increasing the mobile market penetration in Kuwait (over 80%). Wataniya Telecom has grown rapidly through acquisitions and enjoys a major presence in the Middle East and North Africa Region, driving operations in Kuwait, Maldives, Saudi Arabia, Tunisia, Algeria and Palestine. For more information about Wataniya, please visit www.wataniya.com.


Web Site: http://www.wataniya.ps

Contact Details: 1- Mr. Nicholas Swierzy
Head of Investor Relations
Qatar Telecom - Qtel
Mobile: +974 559 9686
E-mail: nswierzy@Qtel.com.qa
2- Ms. Rola Sirhan
Public Relations Manager
Palestine Investment Fund- (PIF)
Tel: (+970) or (972) 2 297 4971/2
Fax: (+970) or (972) 2 297 4974
Mobile: (+970) or (972) 599 30 19 56
E-mail: rsirhan@pif.ps