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FINANCIAL NEWS
Mobily renews agreement with Etisalat
24 Jul 2011
(MENAFN) Saudi-based Mobily stated that it renewed its management agreement with its founder, Etisalat, for another five-year term, reported Bloomberg.
The original agreement, under which Mobily operates in Saudi Arabia, would expire in December this year.
The statement of Mobily also said that the two companies would create a committee to develop the business relationship between them to the benefit of customers and shareholders.
It is worth noting that Etisalat holds a 27.4 percent stake in Mobily which competes with state-run Saudi Telecom Company and Zain Saudi Arabia.
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