Etihad Etisalat Co., Saudi Arabia’s second-largest mobile-phone company known as Mobily, is Rasmala Investments’ “top pick” as the United Arab Emirates-based company initiates coverage of the Middle East and North African telecommunications industry.
“We like Mobily for its data-centric strategy and the continued strengthening of its brand name as the leading mobile broadband player in the Saudi market,” analyst Shrouk Diab wrote in a note to investors. He rated Mobily a “buy” with a price estimate of 75.36 riyals.
Rasmala initiated nine telecommunications companies, six with a “buy,” two with a “hold” and one with a “sell” recommendation. “The Middle East has one of the fastest-growing economies,” the report said. “More than 60% of the region’s population is below 30 years, further supporting its attractive demographics.”END
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