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Saudi Zain to start operations next month |
| by: Trade Arabia - 08/06/2008 |
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Zain Saudi Arabia is due to begin operating the kingdom's third mobile phone network next month as it seeks to tap business during Ramadan, a company official said.
"We have fixed a final date to start operations, which is August 15. We want to start ahead of Ramadan," said a company manager, who declined to be identified.
Ramadan, the Muslim month of fasting, is due to begin in early September.
A group fronted by Kuwait-based Zain (formerly Mobile Telecommunications Co) bought the third Saudi mobile phone licence last year for $6.1 billion, hoping to tap growth in the largest Arab economy, home to about 25 million people.
Chief executive officer Marwan Al-Ahmadi said in March he expected the company to begin operating in June.
Zain, which raised 6.3 billion riyals ($1.68 billion) in an initial public offering this year, will compete with Saudi Telecom Co and Etihad Etisalat in a mobile phone market where penetration hovers around 100 percent. -Reuters
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