Mobily’s CEO: We Will Not Sell the Towers Unless the deal is good and profitable for the shareholders

Mr. Ahmad Farroukh, Chief Executive Officer of Etihad Etisalat (Mobily), declared through an interview with Bloomberg (a well-recognized newswire) that Mobily will not proceed with the towers sale unless the deal is good for our shareholders.

Mr. Farroukh clarified that this case inflicted some complexity, and the company does not consider a deal for the sake of a deal; such subject needs in-depth studding and it also needs careful consideration and approvals from several levels within and outside the company, and of course, Mobily will announce any developments in this case through the official channels on due time, taking into account that Mobily is listed in the stock market and we are seeking full compliance with the applicable laws and regulations.

Mr. Farroukh confirmed that it is not only about the financial aspects of the telecom towers sale, but also there is still a positive reflection on the company's operations, as it provides an opportunity to put focus more on the core business, which improves service quality and enrich the customers experience.

Mr. Farroukh stressed that Mobily had already returned to profitability during the last quarter due to the stabilization of the company's operations and that no unexpected matters will affect the company’s process unless those related to the telecom sector as a whole, such as the fingerprint verification for prepaid subscribers by fingerprint, as it is applicable for the rest of operators in the sector.