Riyadh – Mubasher: Mobile Telecommunication Company Saudi Arabia (Zain) announced signing an open-ended Letter of Intent (LOI) with Dawiyat, a subsidiary of Saudi Electricity Company (SEC), to make use of the latter’s fibre optic network.
The deal also includes mutual marketing for both companies’ products and services, Zain said in a statement to the Saudi Stock Exchange (Tadawul) on Tuesday.
It added that the LOI further entails “the provision of new location for telecommunication tower and communication centers”, according to the filing.
Zain will also make use of the digital infrastructure to support the electricity utility network, particularly for online services (IOT) smart metres.
“At this stage, the financial impact cannot be assessed,” Zain stated.
