Mobily buys 94 per cent stake in local ISP (Saudi Arabia)

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Mobily buys 94 per cent stake in local ISP (Saudi Arabia)

November 15, 2008

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Saudi Arabian cellular operator Mobily has bought a 94 per cent stake in a local internet service provider, Zajil, for $21.3 million. The deal, which was announced in July 2008, is Mobily's second move into the Saudi data market, following last year's $400 million buyout of Wi-Max licensee Bayanat al-Oula. The country's internet sector is currently dominated by the Saudi Telecom Company, with more competition on the horizon in the form of three new wireline licensees led by PCCW, Verizon and Batelco.