Riyadh – Mubasher: Saudi Dawiyat, a wholly owned subsidiary by the Saudi Electricity Company (SEC), signed a letter of intent (LOI) with Mobile Telecommunication Company (Zain) in Saudi Arabia to establish a fibre optic network, according to a statement.
Under the patronage of Saudi Arabia’s Ministry of Communications and Information Technology, the LOI also aims at providing new locations to establish infrastructure and telecommunication towers.
The agreement has a financial support estimated at SAR 2.7 billion and will be paid in regular instalments, according to a bourse filing to the Saudi Stock Exchange (Tadawul).
The network will enable the companies to benefit from 51,000 kilometres of fiber optics cables, covering more than 13,000 towns and villages.
Earlier in 2017, Dawiyat had obtained a licence to provide telecommunications through a fibre optic network in the Kingdom.
