Cabinet approves General Post Authority deal [Archives:2004/769/Local News]

September 2 2004

The Cabinet of Ministers, on Tuesday, 17/8/2004, gave the go-ahead for the General Post Authority and Saving, represented by the Posts Saving Fund, to join Teleyemen instead of the British company Cable & Wireless. The deal involves the purchase of a 50% share, for the price of $3.1m, which would bring the company's total assets to $62m.
The Cabinet has appointed the Minister of Telecommunications & Information Technology to oversee the legal formalities necessary for the Authority to join as a new partner in Teleyemen. In an additional advancement in this field, the Cabinet has approved the establishment of the Arab Organization for Telecommunications & Information Technology, which will aim to develop IT for the Arab world, encouraging joint strategies and general unity.