The Syrian regime’s Ministry of Internal Trade and Consumer Protection has approved the articles of a company, which will provide services as a third cell phone carrier in Syria.
Local media published pictures showing the license decision in favor of a company called Wafa Telecom, a private equity firm based in Damascus. Wafa Telecom can open branches, warehouses, offices, and appoint representatives inside or outside Syria.
Although the decision was signed on September 30, 2020, it was published in the second part of issue 20 of the Official Gazette 2021. in accordance with a license of the “Telecommunications and Postal Regulatory Authority.” These activities include the import, export, and trade of telecommunications devices and electronic circuits.
The company’s articles provide for delivering cell phone and related services, under the name Wafa Communications (Telecom) Private Equity.
Seven companies
Seven Syrian companies contributed to founding WAFA Telecom. They are WAFA telecom, ABC l.l.c, IBC advanced, IBC technology, IBC telecom, tele space, tell you. All of these companies’ headquarters are located in Damascus.
The license decision explained that the company’s capital amounts to only 10 billion Syrian pounds, distributed over 100 million shares where the value of each share is 100 pounds. The duration of the contract is 22 years, starting from the date of the meeting of the General Constituent Assembly, with the possibility of extension to be approved by the ministry.
The second clause of the new company’s rights stipulates that it is allowed to conclude contracts of different types with companies, banks, governmental and non-governmental institutions. The clause also states that the company has the right to cooperate with natural persons, local or foreign legal persons, and provide payment or transfer services for money and other cellular affairs.
Syria currently has two cellular telecommunications companies, Syriatel and MTN, which in 2014 obtained a license to operate for 20 years within the Syrian market. Their revenues exceed 404.5 billion pounds in 2020.
Source: https://syrianobserver.com/news/66435/syria-approval-of-third-cellular-operator-wafa-telecom.html