Penalties targeted STC, Mobily, Zain KSA, Etihad Jawraa, Lebara Mobile KSA Image used for illustrative purposes Image Credit: GN Archive
Abu Dhabi: The Saudi telecom regulator, Communications and Information Technology Commission (CITC), has imposed more than SR40 million ($10.67 million) fines on a number of Saudi telecom operators due to breaking the telecommunications laws, local media reported.
The penalties targeted the Saudi Tlecom Company (STC), Etihad Etisalat Co. (Mobily), Mobile Telecommunication Company Saudi Arabia (Zain KSA), and Etihad Jawraa Telecommunications and Information Technology Company (Lebara Mobile KSA).
STC was fined SR31.4 million, Mobily was handed a fine of SR1.2 million, Zain KSA (SR996,000), and Lebara Mobile (SR366,000). Other operators were fined SR6.16 million.
About $152 million was invested in Saudi-based companies in 2020
Updated 10 April 2021
April 10, 2021 16:51
RIYADH: Amal Dokhan, who was one of the Kingdom’s first female venture capitalists (VCs) and recently joined Californian venture capital firm 500 Startups as a partner, is confident that the Saudi market will continue to grow in 2021.
A seasoned professional with experience in startup investments, corporate innovation and consulting in the Middle East and North Africa (MENA) region, Dokhan was in upbeat mood when she spoke to Arab News.
“What we are seeing now in 2021, the numbers will definitely increase when it comes to Saudi Arabia and the region as well. The reason is that last year, when it was not expected for things to increase, they actually turned out to be a positive year for many companies and startups, especially in fintech (financial technology),” she said.