Etihad Etisalat (Mobily) and Saudi Mobile Communications (Zain Saudi Arabia) announced the signing of a memorandum of understanding between the two parties.
The two companies said in two separate statements to the Saudi market (Tadawul) today, Sunday, that the objective of the agreement is to increase the participation rate in the telecom towers in order to achieve maximum efficiency.
The Memorandum of Understanding signed between the two companies also aims to upgrade the communications and information technology system with the support and supervision of the Communications and Information Technology Commission.
The two companies indicated that a joint committee will be formed between the two parties to prepare and launch a request for proposals for the purchase of mobile phone towers owned by the two parties, or merging them into one company with other investors or Operation on their behalf, provided that the brochure has been submitted within 30 days of the date of signing this memorandum.
The two companies noted that the Memorandum of Understanding signed between the two parties is not binding, and any agreement will be subject to the approvals, legal terms and internal approvals of both parties, and any substantial developments will be announced regarding this matter. .
