Zain receives 15-year extension on telecommunications license in Saudi Arabia
“This is clearly the most significant development for the company since its inception,” Prince Naif Al Kabeer, president of the board of Zain Saudi Arabia, said. “This decision is aligned with the 'Vision 2030' of the kingdom, to diversify the economy and significantly increase the contribution of private sector companies.”
Al Kabeer noted the global importance of the telecommunications industry, as the industry feeds the requirements of digital connectivity in a modern economy. He believes Zain can play a strong role in driving innovation in the kingdom.
“Only through effective competition will this occur: to play our role effectively, the kingdom needs to be strong,” Al Kabeer said. “Therefore, on behalf of Zain Saudi Arabia and its shareholders, (we) sincerely thank our government vision and leadership to reach this decision.”
Hassan Kabbani, CEO of Zain Saudi Arabia, also thanked the government for its support, saying the decision will accelerate the growth and transformation of the company.
"This is very positive news for the company and for the telecommunications industry in Saudi Arabia,” Kabbani said. “This decision brings us closer to our goal of achieving sustainable net benefits.”