Mobile network MTN Group says it plans to invest about EUR 300 million over the next two to four years in developing internet businesses across Africa and the Middle East.

South African headquartered MTN Group announced on Friday that it has teamed up for a second time with online incubator Rocket Internet to extend digital services in the Middle East.

Earlier this week, MTN Group announced that it along with Rocket Internet and Millicom International Cellular plan to each have an equal shareholding in Africa Internet Holding (AIH) in a move to create more internet businesses in Africa.

Subsequently, MTN and Rocket Internet have on Friday further said that they plan to create a joint venture to develop internet businesses in the Middle East, with MTN and Rocket as 50% shareholders in Middle East Internet Holding (MEIH).

Rocket Internet has a presence in several Middle Eastern countries, according to a statement.

The press statement further adds that Rocket has previously rolled out online businesses such as Easytaxi, Lamudi, Namshi and Hellofood.

“The agreement with Rocket marks yet another important milestone in our journey of pursuing digital business adjacencies as one of our key strategic priorities, to drive growth and value for our customers,” said Sifiso Dabengwa, MTN group president and chief executive officer.

Co-founder of Rocket Internet, Oliver Samwer said: “With joint forces, Middle East Internet Holding will develop its already existing ventures even better and will launch new companies even faster and more successfully.”

The investments are subject to regulatory approval, and the two transactions are expected to close during the first and second quarter of 2014 respectively, says the press statement.