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Sunday, 25 December 2016

UAE's Etisalat, Saudi's Mobily discuss new alliance after ending management deal | Reuters

UAE's Etisalat, Saudi's Mobily discuss new alliance after ending management deal | Reuters:
"United Arab Emirates telecommunications conglomerate Etisalat said on Sunday that its management agreement with Saudi Arabian affiliate Mobily had expired and the companies were working on a new arrangement.

Etisalat, which owns 27.4 percent of Mobily, helped to found the Saudi company more than a decade ago and has played a major role in its management.

But Mobily has been hit by controversy in the last couple of years after it restated 27 months of earnings to March 31, 2015, citing accounting errors due to premature booking of revenue from a promotional campaign. The restatement slashed Mobily’s total profits by 3.63 billion riyals ($968 million)."

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