Agreement, signed with Red Bull MOBILE, is expected to positively impact Mobily’s finances next year New contract provides Mobily with opportunities to expand its market reach and boost productivity RIYADH: Saudi Arabia’s telecommunication company, Mobily, is set to enhance its operational efficiency with a new six-year contract, which represents over 5 percent of its total revenues for 2023. The agreement, signed with Jeddah-based Red Bull MOBILE, a future networks communications firm, is expected to positively impact Mobily’s finances starting from the fourth quarter of 2025, according to a statement on Tadawul. Mobily, listed on Saudi Arabia’s Tadawul stock exchange since 2004, has a share capital of SR7.7 billion ($2.05 billion), consisting of 770 million shares valued at SR10 each, fully paid as of Dec. 31, 2020. This strategic move aligns with Mobily’s vision of evolving into a leading technology, media, and telecommunications company. It aims to transform customer and community experiences through innovative products and services. The new contract also provides Mobily with opportunities to expand its market reach and boost productivity by utilizing its network infrastructure to support mobile virtual network operators. In March, Mobily was recognized by Brand Finance as the fastest-growing telecommunications company in the Middle East for 2024. The company’s value increased by approximately 18 percent from the previous year, reinforcing its position as a major player in the region’s telecom sector. This growth reflects Saudi Arabia’s broader objectives of advancing digital transformation and enhancing ICT services within the Kingdom. Brand Finance also ranked Mobily’s CEO, Salman bin Abdulaziz Al-Badran, among the top 10 global business leaders in brand protection. This recognition highlights the impact of various initiatives he has implemented since joining Mobily, also known as Etihad Etisalat Co., in 2019, and his significant contribution to the company’s growth. Brand Finance evaluates companies based on several key criteria, including the Brand Strength Index, revenue and profit impact, and future growth prospects. Founded in 2004, Mobily’s major shareholders include Etisalat Emirates Group with 27.99 percent and the General Organization for Social Insurance with 6.9 percent, while the remaining shares are held by institutional and retail investors. The company offers integrated services across three main sectors: individuals, businesses, and carriers. Mobily boasts one of the largest wireless networks in Saudi Arabia and the region, an extensive fiber-to-the-home network, and a comprehensive global data center system. Red Bull MOBILE, established in 2008, provides 5G telecommunication services in the Kingdom, offering unique services and unmatched benefits.