Zain KSA has signed a Memorandum of Understanding (MoU) with Etihad Etisalat Company, Mobily, to form a committee to draw up a request for proposal to buy their telecoms towers, merge them into one company with other investors, or operate them on their behalf.
The MoU aims to raise participation in telecom towers to maximize efficiency and improve the communication and information technology system under the supervision of the Communications and Information Technology Commission (CITC).
The MoU was signed on 02 July and has no material impact. The RFP will be completed within 30 days of the MoU signing date. The MoU is not binding and any agreement will be subject to regulatory approvals and conditions as well as internal approvals of both parties.