Mobily chairman says 75% of executive employees are Saudi nationals

The Saudization rate at Etihad Etisalat Co.’s (Mobily) executive positions currently stands at 75 percent, which is the level required by regulators, chairman Sulaiman Algwaiz told Makkah newspaper.

The telco has been increasing the number of nationals working in executive positions in order to reach the required level, he added.

 “There are - without a doubt - challenges in Saudizing such top level positions, but we were able to reach CITC’s required rate of a gradual 75 percent,” he said.

Yesterday, the Communications and Information Technology Commission (CITC) suspended Mobily’s billed and pre-paid mobile services to new customers for violating Saudization rates at the executive positions. The Saudi Stock Exchange (Tadawul) then halted trading on Mobily’s stock.

The telecom regulator then lifted the suspension after only 20 hours.

The chairman said there was no financial impact from the brief suspension of sales and services.

Mobily’s services to existing clients weren’t affected by the halt, while affiliate company Lebara Mobile offered services to new clients.   

Mobily shares were trading up 2.94 percent at SAR 18.20 at 11:21 am Riyadh local time on Tuesday.