MTN Group has announced that it has partnered with Rocket Internet to boost e-commerce in the Middle East through MEIH.<\/p>\n
Middle East Internet Holding (MEIH) is a joint venture, 50% owned by MTN Group and Rocket, alike.<\/p>\n
The announcement follows a similar deal struck up between Rocket Internet and Millicom International, to develop Internet businesses in Africa through Africa Internet Holding (AIH).<\/p>\n
Rocket Internet already has a presence in several Middle Eastern countries, and has rolled out a series of high-growth online businesses, including Easytaxi, Lamudi, Namshi and Hellofood.<\/p>\n
MTN expects to invest as much as EUR300 million (R4.27 billion) in AIH and MEIH over the next two to four years, pending regulatory approval.<\/p>\n
Both transactions (AIH and MEIH) are expected to close in the first and second quarters of 2014, respectively.<\/p>\n
\u201cThe investment in AIH is in line with MTN\u2019s strategy of bringing the digital world to customers, adapting to their rapidly changing needs and delivering a consistent end-to-end user experience,\u201d MTN said in a statement on Monday (16 December).<\/p>\n
\u201cThrough MEIH, MTN and Rocket aim to accelerate and further develop the nascent e-commerce market in the Middle East region,\u201d MTN Group CEO, Safiso Dabengwa said today (20 December).<\/p>\n
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