- DUBAI: The UAE’s Etisalat has renewed a management agreement with its Saudi Arabian affiliate Etihad Etisalat (Mobily) for five more years, the telecoms firm said in a statement.
The agreement was due to expire on Dec .22 this year and the renewed contract starts from Dec. 23, Etisalat, which holds a 27.4 percent stake in Mobily, said in the statement.
Mobily, which competes with Saudi Telecom and Zain Saudi Arabia, proposed a half-year dividend of SR1.25 ($0.33) per share on Saturday.
It posted a 29 percent rise in second-quarter net profit earlier in the month but said margins were coming under pressure due to rising competition.
Etisalat’s quarterly profit fell 14.9 percent due to rising costs and increased competition at its home market.
