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  Qatar Telecom Q.S.C. (“Qtel” or “The Qtel Group”) subsidiary Nawras has announced the opening of the subscription period for its initial public offering (“IPO”) which will run until the 14th October, 2010. The Offering is being made in Oman and is open to Omani and Gulf Cooperation Council (“GCC”) retail investors, and to Omani and international institutional investors.

Nawras was Qtel’s first investment outside Qatar and in just five years of operation, the management has developed a profitable, innovative, growth business with a market share of 45%. With a focus on technological innovation, network quality and ongoing development of products and services, Nawras has delivered strong shareholder returns since launch and is now a full service telecommunications company following the successful launch of its fixed line business in mid-2010. Nawras and Qtel look forward to continued success in combining a strongly cash generative mobile business, with the rapidly developing broadband and high margin enterprise businesses, which Nawras has now successfully entered.
Following the IPO, the growth of Nawras’ strong domestic business will remain the exclusive focus with no plans for international expansion. Over the course of the last few years Nawras has invested considerably in its successful development, this period of investment is coming to a close and the business will be able to maximise its strong cash flows. It is hoped that strong cash generation in the future will assist the Board in realising its priority of maximising shareholder returns.
Further information can be found on Nawras’ dedicated IPO website www.nawras-ipo.com.