Mobile communications company Zain Saudi Arabia has obtained a 15-year license extension expected to save SAR 433 million annually.
The license extension also includes a unified license, granting the company permission to offer data and voice telecommunications services.
“This is clearly the most significant development for the company since inception,” Prince Naif Al Kabeer, chairman of the board of directors of Zain Saudi Arabia, said. “On behalf of Zain Saudi Arabia and its shareholders, I sincerely thank our government for their vision and leadership in reaching this decision.”
Al Kabeer went on to say that the decision will help diversify the economy and enable the digital connectivity that is so vital to its health.
“This is very positive news for the company and for the telecommunications industry in Saudi Arabia,” Hassan Kabbani, CEO of Zain Saudi Arabia, said. “This is a landmark decision that will accelerate the transformation of the company. This decision brings our goal of reaching sustainable net profits significantly closer.”
