Sanabil purchased part of Virgin Mobile

Saudi Arabia-based Sanabil Investments has acquired a minority stake in Virgin Mobile Saudi Arabia, which is part-owned by British business mogul Richard Branson’s Virgin Group. Virgin did not disclose the value of the deal but indicated that the investment will be used to grow its regional operations. Sanabil Investments- abbreviated for Saudi Arabian Investment Company – is a closed joint stock firm owned by Public Investment Fund, the investment arm of the Saudi government. Virgin Mobile Middle East and Africa was launched in 2014 after Saudi Arabia’s telecoms regulator ordered its three mobile operators to each host a mobile virtual network operator. Operating as a MVNO, VMMEA’s core business activity is to provide mobile telecommunication services to consumers. The company does this under two brands, the youth-focused Virgin Mobile, and Friendi mobile, targeted at expat workers.