Mobily signs deal with Saudi authorities to settle old disputes

Etihad Etisalat Co. (Mobily) signed an agreement with the Ministry of Finance, the Ministry of Telecommunications and Information Technology, and the Communications and Information Technology Commission (CITC), the company said in a bourse filing on Sunday.

The agreement was reached to settle all the old disputes and define a new investment framework and a new mechanism for the calculation of service royalties and license royalties, the statement said.

The agreement also noted creating a new investment framework for the development of its telecommunication infrastructure towards better quality for existing technologies and deployment of new ones.

“The new investment framework, which covers a period of three years including 2018, allows Mobily to ensure continuous improvement of the quality of its fixed and mobile networks through the achievement of a set of pre-agreed key performance indicators (KPIs) and to invest in the proper deployment of new technologies such as the 5G,” it further added.