Mobily signs $640m deal to develop network

Etihad Etisalat (Mobily), a top telecom provider in Saudi Arabia, has signed an agreement worth SR2.4 billion ($640 million) to develop its mobile network with three international telecom and IT suppliers: Nokia, Huawei, Ericsson. Ahmed Aboudoma, Mobily chief executive officer, said: “This agreement comes in line with 2030 Kingdom Vision and its objectives that focus on developing Telecom & IT sector. Moreover, it will allow Mobily to provide the best services to its customers that comply with its new strategy “RISE” in which its objectives revolve around boosting up the level of provided services by using the latest Telecom technologies.” “Mobily’s current network has a competitive performance among the sector, whereas; the new agreement will contribute in raising network performance significantly to allow Mobily customers enjoy unprecedented services. The agreement discussions lasted more than 6 months to ensure adding plans comply with Telecom technology rapid developments, in addition to adapting future technologies within an efficient contractual framework,” Aboudoma added. This agreement will have a positive impact on the company’s financial statements, as will contribute in enhancing the company’s future capital efficiency and network-related operational expenses