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UPDATE 1-UAE's Etisalat says it's working on new agreement with Saudi's Mobily
December 25, 2016 / 6:38 AM / in 10 months

UPDATE 1-UAE's Etisalat says it's working on new agreement with Saudi's Mobily

(Recasts with statement by Etisalat)

DUBAI, Dec 25 (Reuters) - United Arab Emirates telecommunications conglomerate Etisalat said on Sunday that its management agreement with Saudi affiliate Mobily had expired and the companies were working on a new arrangement.

“Etisalat Group and Mobily are currently working on developing a service and technical support agreement which will take into consideration Mobily’s requirements for the coming period given the scale of its operations and customer base.”

Etisalat added in a brief statement, “Etisalat Group and Mobily will continue to work closely and foster the relation between each other to enhance the shareholders’ value of both companies.” It did not elaborate.

In a brief statement of its own, Mobily said it its management agreement with Etisalat had expired on Friday “and Mobily and Etisalat Group agreed on the non-renewal of the same”. It did not give any details.

Etisalat owns 27.4 percent of Mobily. (Reporting by Andrew Torchia)

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