Kuwait awards $2.8bn broadband contract to Bahrain’s Beyon

• High-speed fibre network
• 50-year PPP agreement
• KAPP will have 60% stake

Bahrain’s Beyon has won a mega contract to develop a high-speed fibre broadband network in Kuwait under a 50-year public-private partnership (PPP) agreement.

The $2.8 billion contract includes designing, financing, building, operating and maintaining Kuwait’s national fixed telecommunications network, the Bahrain Bourse-listed technology company said in a statement.

The state-backed Kuwait Authority for Partnership Projects (KAPP) will hold a 60 percent stake in the project company, while Beyon will retain the rest. 

Once the project is fully operational KAPP will float a portion of the shares for subscription by Kuwaiti citizens.

The partnership aims to deliver a nationwide high-speed fibre network reaching 90 percent of Kuwait. The initiative forms the backbone of the country’s digital transformation strategy and will contribute to a key pillar of Vision 2035.

Beyon has implemented large-scale fibre deployment across multiple markets, including Bahrain, Jordan, the Maldives and the Channel Islands.

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“The public-private partnership is expected to enhance financial performance through long-term recurring revenue and stable, low-risk telecom infrastructure returns,” Riyadh market analysis company Sico Research said in a note. 

Beyon reported a 7.5 percent year-on-year decline in profit attributable to shareholders to BD52 million ($138 million) in the third quarter of 2025, despite gross revenue rising 10 percent to BD366 million.

The company’s shares closed flat at BD0.483 on Thursday, but were among the most actively traded, with 123,127 shares changing hands.