Saudi Telecom Co. (STC), Etihad Etisalat Co. (Mobily) and Mobile Telecommunications Company Saudi Arabia (Zain Saudi) were awarded new 4G and 5G frequencies, the Communications and Information Technology Commission (CITC) said in a statement on Tuesday.
The new frequencies awarded are in the 2300-2600MHz spectrum, with a total of 290MHz bandwidth, bringing the total spectrum allocated in the Kingdom to 710MHz from 420MHz.
STC announced that its 2300MHz frequency was awarded for SAR 360 million, to be payable in equal installments over 15 years starting Jan. 1, 2020.
“This investment will be internally-financed from the company, and is not expected to have a material impact on the company's financial results,” STC said in a separate bourse filing.
The new frequencies will increase the capacity of STC’s mobile network to meet growing demand for services. They will also enhance the speed and quality of internet services, the telecom operator added.
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