UAE Group in Discussions to Buy Majority Stakes in Wi-tribe Pakistan: Report

A business group from the United Arab Emirates, Hamad Bin Khalifa Departments of Projects (HBK DOP) are interested in acquiring a ‘majority stake’ in Wi-tribe, which is one of the largest independent broadband providers, reported Arab News.

Until early 2016, Wi-tribe was owned by Qatar Telecom when it was bought by the Pakistani group HB International Investments, a business conglomerate with diverse interests, particularly in the fields of telecommunications and information technology. Wi-tribe has main offices in Islamabad, Lahore and Karachi.

Chairman of the Arab Investment Development Authority (AIDA) and HBK Holdings, Sheikh Hamad bin Khalifa Al Nahyan, said,

“Wi-tribe investment opportunity provides HBK a footprint into Pakistan Telecom’s space as a firm foundation to consolidate the ongoing investment interest for the telecom infrastructure acquisition.

The report quoted Haris Hasan Khan, CEO of Emergent Telecommunications, a project arm of HB International Investments. He told the news agency that the deal was not yet finalized but HBKDOP had shown interest in buying majority stakes.

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