Saudi Arabia has been experiencing a significant growth across almost every sector of its ICT industry with rapid adoption of new technologies, especially in the value added services, online gaming, and e-commerce. The Kingdom has become one of the fastest growing ICT markets in the Middle Eastern region. Mobily, being a leading driver of this rapid ICT advancement in the Kingdom, is planning to adopt the latest innovative technologies from Ericsson into its network.
Under this initiative, Khalid Al-Kaf, Chief Executive Officer of Etihad Etisalat Co. (Mobily), signed a long term Sharia Compliant financing agreement of USD 280 million, in order to invest USD 330 million with Ericsson. The financing agreement was backed by the Swedish Export Credit Guarantee Board (EKN) and the Swedish Export Credit Corporation (SEK), with Credit Agricole, Deutsche Bank and Societe Generale. The agreement with Ericsson, which was signed in a ceremony, held at Mobile World Congress (MWC), will be used for the procurement of Ericsson products and services over the coming two years.
Commenting at the signing ceremony, Khalid AI-Kaf, CEO, Mobily, said: “The fast adoption of advanced technologies has been accelerated in the past few years in Saudi Arabia, and our consumers are expecting seamless connectivity everywhere. To continue satisfying our customers’ demand on connectivity, we will be investing to transform our mobile broadband infrastructure by adopting Ericsson’s leading technologies and services.”
Ali Eid, President of Ericsson Saudi Arabia, said: “We will continue to focus on working closely with Mobily, and to answer all their needs and help them grow their business. Our vision of broadband everywhere has now taken effect and we will support Mobily to capture the business value of their investments and provide the ultimate experience for their customers.”
The signing was hosted by Anders Lindblad, President of Ericsson Region Middle East and was attended by key representatives from Mobily, Credit Agricole, Deutsche Bank and Societe Generale.