Saudi Zain to start operations next month
Riyadh, July 24, 2008
Zain Saudi Arabia is due to begin operating the kingdom's third mobile phone network next month as it seeks to tap business during Ramadan, a company official said.
"We have fixed a final date to start operations, which is August 15. We want to start ahead of Ramadan," said a company manager, who declined to be identified.
Ramadan, the Muslim month of fasting, is due to begin in early September.
A group fronted by Kuwait-based Zain (formerly Mobile Telecommunications Co) bought the third Saudi mobile phone licence last year for $6.1 billion, hoping to tap growth in the largest Arab economy, home to about 25 million people.
Chief executive officer Marwan Al-Ahmadi said in March he expected the company to begin operating in June.
Zain, which raised 6.3 billion riyals ($1.68 billion) in an initial public offering this year, will compete with Saudi Telecom Co and Etihad Etisalat in a mobile phone market where penetration hovers around 100 percent. -Reuters