Korek Planning $400 Million Investment in Iraq

Iraq's Korek Telecom is planning to spend some US$400 million over the next twelve months on its GSM network - despite still having not concluded its joint venture details with UAE based Etisalat.

"We have already started planning for the nationwide network," Hamid Akrawi, chief operating officer of Korek told the Middle East Business Intelligence. "It will take maybe six months to one year and it will cost us $300-400m." The company has not yet selected a supplier for the network infrastructure.

Korek Telecom operated a network in the Kurdish region and in 2007 signed a joint venture agreement with Orascom Telecom. Orascom broke up the partnership at the end of last year citing difficulties between the two companies.

Earlier this year, Etisalat confirmed that it is in talks with Korek Telecom - but these are still ongoing.

On the web: Middle East Business Intelligence

Posted to the site on 26th May 2008