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FINANCIAL NEWS
Mobily to spend over $1b within 5 years
27 May 2010
(MENAFN) Etihad Etisalat (Mobily) said that it plans to top Saudi Arabia’s mobile voice market and a 370-percent hike in its broadband clients within the coming five years, Reuters reported.
Mobily, which became in 2005 the second mobile phone operator to be licensed in Saudi Arabia, says that these plans would ensure to keep the profit growing.
Chief Executive, Khalid Al-Kaf, said that the firm will invest more than $1 billion within the coming five years on the strategy.
Al-Kaf said that this $1 billion is a very moderate estimate so far. He could not disclose a precise figure because of stock market disclosure regulations.
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