Riyadh: Etihad Etisalat Co., the Saudi company known as Mobily, said it renewed its management agreement with its founder, etisalat.
The agreement runs for five years and starts December 23, Riyadh-based Mobily said in a statement yesterday. "A committee will be formed by the two companies to develop the business relationship between them to the benefit of customers and shareholders of Mobily," the company added.
Mobily, in which Etisalat holds a 27.4 per cent stake, competes with state-run Saudi Telecom Co. and Zain Saudi Arabia, a unit of Kuwait's Zain.
