Saudi Arabian telecom operators Etihad Etisalat (Mobily) and Saudi Telecom Co (STC) said on Sunday that they had signed an agreement to jointly explore options for their tower portfolios.

The deal was aimed at "extracting value" from their respective towers with the aim of reducing their capital and operating expenditures on the portfolio, they said in separate bourse statements.

The agreement was valid for three months starting July 31 and offered the option of an extension for 30-day periods at both parties' consent, they said.

The plan may include other licenced operators, they added. – Reuters