Nokia Siemens Networks Wins Saudi Network Expansion Contract

 Nokia Siemens Networks has won an 18-month network upgrade contract worth US$325 million from Saudi Arabia's Mobily (Etihad Etisalat).

Under terms of the agreement, Nokia Siemens Networks will facilitate a long term export credit with Finnvera, Finnish Export Credit (FEC), and lenders Credit Agricole and Deutsche Bank.

Mobily will use this credit to fund the purchases from Nokia Siemens Networks.

Khalid AI-Kaf, CEO, Mobily, said: "In our commitment to constantly enhance mobile broadband service experience for our customers, we will be investing 325 mn USD over the next 18 months to upgrade and expand our mobile broadband infrastructure. This infrastructure upgrade using Nokia Siemens Networks' advanced solutions and services will set a new benchmark in providing unmatched data service experience in Saudi Arabia."

Topi Vesteri, Executive Vice President of Finnvera, said: "This will be the largest transaction Finnvera and FEC is supporting in the Kingdom of Saudi Arabia, and in the Middle East. We look forward to contributing with our credit enhancement of highest credit quality to the success of Mobily and Nokia Siemens Networks in the growing Saudi Arabian telecom market."

Mobily was established in 2004 by a consortium led by UAE based Etisalat. It currently has a market share of around 40 percent.

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Nokia Siemens Networks CEO Rajeev Suri, CFO Samih Elhage, and Mobily CFO Thamer Alhosani and CEO Khalid Al-kaf