TELECOMS

Zain Saudi ordered to pay rival Mobily 219.5 mln riyals

Mobily said it intends to initiate the necessary procedures to collect the award. (File Photo: Shutterstock)

Saudi Arabia’s No. 3 telecom operator Zain Saudi has been ordered to pay Etihad Etisalat (Mobily) 219.46 million riyals ($58.51 million) following an arbitration award, both companies said in bourse statements on Sunday.

Mobily said it intends to initiate the necessary procedures to collect the award. Zain Saudi said that it previously made provisions to cover the full amount awarded and that it would not have a negative financial impact on the company.

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Last Update: Sunday, 13 November 2016 KSA 11:22 - GMT 08:22
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Zain Saudi ordered to pay rival Mobily 219.5 mln riyals
Mobily said it intends to initiate the necessary procedures to collect the award
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