The Etisalat Group is following the issues raised with the Mobily accounts, which were reflected in the company's Q3 financial results announced earlier this week.
In a statement Thursday, Etisalat Group said that it understood that the Mobily Board/audit committee has commenced a thorough review of the matter and is discussing with them further actions that might be taken. In the statement, Etisalat Group said that it supports the steps taken by the Mobily Board of Directors and has full confidence in the company and its recovery.
Mobily is one of the most successful companies in the region. The company has strong foundations and possesses great innovative capabilities and a talented team which Etisalat Group has every confidence will overcome this issue and return to growth again soon. Etisalat Group continues to provide support to Mobily during this time to revert to the path of growth and success, and cooperate fully with all stakeholders.
Etisalat Group is also in coordination and contact with Government authorities in the Kingdom and will be keeping them fully apprised of the actions being taken.
The statement noted that Etisalat Group pays great attention to its customers in every market in which it operates. The telecom market in Saudi Arabia is important to the Etisalat Group as it believes in its growth potential and the opportunities it brings to Mobily, which is undergoing a transformation to become a leading fully integrated ICT player in the Kingdom.
Emirates Telecommunications Corporation (Etisalat) was incorporated over 30 years ago. Today the Group operates in 19 markets across the Middle East, Africa and Asia. It abides by the rules and regulations in each country in which it operates in, follows the highest standards of corporate governance and transparency and holds executive management to the highest fiduciary and ethical standards.