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[March 02, 2014]
Mobily to invest with Ericsson to transform its network [Gulf News (United Arab Emirates)]
(Gulf News (United Arab Emirates) Via Acquire Media NewsEdge) Dubai: Etihad Etisalat Co (Mobily) has signed an agreement with Ericsson in bid to adopt the latest innovative technologies into its network.
Khalid Al Kaf, Chief Executive Officer of Mobily, signed a long-term Sharia-compliant financing agreement of $280 million, in order to invest $330 million with Ericsson.
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.
"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," Khalid AI Kaf, CEO, Mobily, said in a statement.
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.
"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," Ali Eid, President of Ericsson Saudi Arabia, said.
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