UAE's Etisalat has renewed a management agreement with its Saudi Arabian affiliate Etihad Etisalat (Mobily) for five more years, the telecoms firm said in a statement on Sunday. The agreement was due to expire on December 22 this year and the renewed contract starts from December 23, Etisalat, which holds a 27.4 percent stake in Mobily, said in the statement.
Mobily, which competes with state-controlled Saudi Telecom and Zain Saudi Arabia, proposed a half-year dividend of 1.25 riyals ($0.33) per share on Saturday. It posted a 29 percent rise in second-quarter net profit earlier in the month.