(Recasts with statement by Etisalat)
DUBAI Dec 25 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
"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)