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Saudi Atheeb’s New Internet Venture Ends STC Monopoly
RIYADH - Etihad Atheeb Telecommunications Co said it started on Saturday high speed internet in Saudi Arabia’s two largest cities, officially ending Saudi Telecom’s monopoly on fixed-line phone services.
The firm would start operations in the Saudi capital Riyadh and the Red Sea port city of Jeddah, it said in a statement posted on the bourse’s website, but did not say when it would begin voice services.
Atheeb is expected to face tough competition from Saudi Telecom, or STC, and two other firms that won licences last year to offer fixed-line services.
The two other firms are Optical Communications Co, led by US Verizon Communications Inc and Al Mutakamilah Company, which is led by Hong Kong’s PCCW.
Etihad Atheeb has said it plans to invest $1 billion over five years in its fixed-line operation and wants to target government and industrial hubs as well as regions covered insufficiently by STC.
Earlier this year, Atheeb raised 300 million riyals ($80 million) by selling 30 per cent of its share capital in an initial public offering that was almost 2.5 times oversubscribed.
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