FRiENDi GROUP, a regional Mobile Virtual Network Operator (MVNO) based in Dubai, has announced a "double-digit USD millions" equity investment by Oman-based Dolphin International and a global venture capital firm, ePlanet Ventures.
Dolphin International has been their local partner in the FRiENDi GROUP operation in Oman and ePlanet Ventures was already an investor in a previous round in 2008, but the additional money that they have raised is still big.
The mobile virtual network operator (MVNO) concept (whereas the company that provides the mobile services does not have its own license nor does it necessarily have all of the infrastructure), is an established concept worldwide - as of February 2009, there has been over 400 active MVNOs operated by over 360 companies. But in the Middle East FRiENDi GROUP has been most active with their first regional MVNO lanuch in Oman earlier this year.
Millennium Private Equity, a telecom private equity firm in the Middle East, has invested with them in 2008.
(Their full press release follows:
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