Etihad Etisalat Company (Mobily) has decided not to renew the agreement for services and technical support with Etisalat Group, now e&.
Despite this decision, e& would continue to be a strategic shareholder to the company, owning 27.99% of shares in Mobily. The two leading Middle Eastern operators will continue to explore ways of cooperation to achieve the interests of both parties and their shareholders, in accordance with the relevant laws and regulations.
Mobily's board of directors also affirms its confidence in the company’s capabilities and ability to continue growing, providing its services at a high level and contributing to its role as an enabler of the digital economy in accordance with the Saudi Vision 2030 and creating new opportunities.
Mobily also confirms that it has the national competencies, and the accumulated technical and operational expertise capable of achieving its strategic objectives. It is worthy to note that Mobily has delivered the highest top-and-bottom-line levels since 2014, reaching SAR 14.8 billion of revenues and 1.1 billion of net income in 2021.
In retrospect, UAE-based e& and Saudi-based Mobily inked a five-year technical service and support agreement in 2017.