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Press Release

MTC ANNOUNCED AS GLOBAL PLATINUM SPONSOR OF TELECOM FINANCE 2007

London, 8 November 2006 - Mobile Telecommunications Company (MTC), the pioneer of mobile services in the Middle East and now a major player in Africa through subsidiary Celtel, has been announced as the Global Platinum Sponsor for the forthcoming Telecom Finance 2007 (www.tmtfinance.com) event taking place in London 24-26 January 2007. The researchers and organisers, Telecom Finance and BroadGroup, say that the event will be the largest in the sector, extending over three days, and includes the Emerging Markets Summit and the second annual Awards Ceremony and dinner for leading players in the sector. 'We are delighted to sponsor this important conference,' commented Mr. Sam Deeb Chief Financial Officer at MTC Group. 'By participating in Telecom Finance 2007, we are underscoring the transformation of MTC into a global company, which will be delivered through the disciplined execution of vision and the achievement of ambitious objectives that entail a profitable expansions strategy.' Described as 'the Davos of Telecom Finance', the 2nd Telecom Finance 2007 is the unique networking hub for senior executives at telecom operators and supplier organisations, private equity investors, investment bankers, legal advisers, and other financiers and professional intermediaries focused on the sector. With a target rich audience (40% were at ceo and cfo level at TF06) and a distinguished panel of speakers and experts, and supported by world class Sponsors, Telecom Finance 2007 promises to sustain its founding reputation as the only event in the sector to deliver an international forum focused on the critical strategic management of financial instruments and markets in the continuing evolution of the Information age. Sponsors for the event in addition to MTC, include PricewaterhouseCoopers, Standard and Poors, Linklaters, Ovum Consulting, Allen and Overy and Milbank. 'Telecom Finance is the flagship event for senior executives that lead international strategy and finance in the TMT sector, and unique in terms of content and the audience it brings together,' commented Dominic Lowndes, editor of Telecom Finance. 'We are very honoured that MTC has selected the event for their sponsorship, which is appropriate given it will be the largest so far in this sector, and in conjunction with our other sponsors makes the event a compelling proposition for networking, relationship building and gaining market insight.' MTC is a leading mobile and data services operator in six Middle Eastern and 14 sub-Saharan African countries with 12,000 employees, and provides a comprehensive range of mobile voice and data services to over 24.90 million individual and business customers. The group recorded revenues of KD 849.15 million (USD 2.92 billion) and net profit of KD 223.18 million (USD 767.46 million) during the nine months ended September 30, 2006. The Kuwait Investment Authority owns 24.6% of the company's shares. For more details of the Telecom Finance 2007 Conference and Awards Ceremony, and the Emerging Markets Summit, please visit http://www.tmtfinance.com/tf2007

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