Morocco's Meditel signs deal with Saudi firm Rotana

Moroccan telecom firm Meditel signed a deal on Friday with Saudi broadcaster Rotana Media as part of a drive to lure more young subscribers with diverse mobile content and Internet services, its chief executive said. Several foreign telecoms operators, including the largest players in the Middle East and North Africa, were interested in buying a stake in Meditel after it lost its two major European investors last year, its owners and industry sources say. Spain's Telefonica and Portugal Telecom (PT) both sold 32.2 percent stakes they had owned in Meditel since it was launched 10 years ago. Moroccan privately owned Finance.com and state investment fund CDG now own equal stakes in Meditel which they bought for a total of $1.15 billion in September. Rotana, part of Saudi billionaire Prince Alwaleed bin Talal's Kingdom Holding company, plans to strike similar deals with firms in the region and beyond if the partnership with Meditel proves successful.