Zain Saudi CEO shrugs off Mobily provision impact on net income

13/11/2016 Argaam

Zain Saudi’s net income is unlikely to be hurt by the SAR 219.5 million it was ordered by an arbitration panel to pay Etihad Etisalat Co. (Mobily) as the telco has already made provisions for it, CEO Hassan Kabbani said on Sunday in a statement seen by Argaam.

 
The telco has always said that the dues it owes Mobily are much less than the telco’s SAR 2.1 billion claims, he pointed out.

 

Zain was ordered on Thursday by an arbitration panel to pay SAR 219.5 million to the kingdom’s second-largest telecom operator to settle a long-running dispute between both operators.

 

Mobily in 2008 had signed an agreement with Zain Saudi to provide site-sharing and domestic roaming services, Argaam earlier reported.

 

Mobily has been in arbitration with Zain, the kingdom's third-largest operator, since 2014.

 

Zain had repeatedly denied Mobily’s claims, adding that it only owed the company around SAR 13 million.

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