FINANCIAL NEWS

Saudi Mobily eyes $670m expansion this year

16 Jun 2010

(MENAFN) The Chief Executive Officer at Etihad Etisalat Co. (Mobily), Saudi Arabia?s second-largest mobile-phone operator, said that the company may spend more than $670 million this year in an effort to capture market share and expand, Reuters reported.

He affirmed in an interview that capital expenditure as a percentage of revenue will be the same as what we did the previous year. In an absolute value, it will be a little bit higher.

Mobily is competing with Saudi Telecom Co. and Zain Saudi Arabia for mobile-phone and Internet customers through advertising campaigns and pricing promotions in the Arab world?s largest economy.

The number of mobile phone subscribers in the kingdom increased by 1.2 million to 46 million in the first quarter of this year, the Communication and Information Technology Commission said.

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