Saudi CITC Launches Free Local Roaming Service

The Saudi CITC launches the free local roaming service. (Asharq Al-Awsat)
The Saudi CITC launches the free local roaming service. (Asharq Al-Awsat)
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Saudi CITC Launches Free Local Roaming Service

The Saudi CITC launches the free local roaming service. (Asharq Al-Awsat)
The Saudi CITC launches the free local roaming service. (Asharq Al-Awsat)

The Saudi Communications and Information Technology Commission (CITC) launched Sunday the local roaming service to ensure operating services in all regions in the Kingdom.

The service enables users to change their operator to another service network if there is no coverage for their primary service operator.

The launch was held at the authority's headquarters in Riyadh, in the presence of CITC Gov. Mohammed al-Tamimi and the chairmen of the boards of directors and CEOs of the three companies providing the service in the Kingdom.

The ceremony included the signing of an agreement between the Saudi Telecom Company (STC), Etihad Etisalat Company (Mobily), and Mobile Telecommunications Company Saudi Arabia (Zain).

The authority said local roaming covers all services, such as voice and Internet services and short text messages (SMS), and will be implemented in all regions, including in 21,000 villages, covered by the telecommunications services.

The implementation of the local roaming service will start in the al-Asir region and will be completed in all other regions by the end of 2021.

Al-Tamimi said local roaming is part of the authority's cooperation with all concerned parties to provide the best telecommunications services.

"The local roaming service aims to enable service providers to benefit from the telecommunications networks of others and also to help them meet the requirements of the beneficiaries, as it supports the empowerment of digital transformation in the Kingdom," he added.



Derayah Financial Joins Flurry of Saudi Firms Seeking a Listing

Derayah Financial Joins Flurry of Saudi Firms Seeking a Listing
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Derayah Financial Joins Flurry of Saudi Firms Seeking a Listing

Derayah Financial Joins Flurry of Saudi Firms Seeking a Listing

Saudi Arabia's Derayah Financial became the first firm to announce plans this year to float on Riyadh's main market, after it said on Thursday it was offering investors a 20% stake via an initial public offering (IPO).
The company is planning to sell 49.94 million existing shares in the IPO, it said in an intention to float document, adding the price for the offering will be determined at the end of a book-building period, without providing further details, Reuters said.
"I am excited to welcome new shareholders to join us on this journey as we continue to drive innovation, create value, and contribute to the Kingdom's ambitious economic transformation," co-founder and chairman Taha AlKuwaiz said in the document.
Founded in 2009, Derayah provides brokerage and trading services, as well as asset and wealth management solutions, with 15.1 billion riyals ($4.03 billion) in assets under management as of the end of June.
The possible listing is part of a flurry of IPOs in the Gulf driven in part by local governments' economic diversification strategy and listings by private groups and family businesses.
Saudi Arabia's red-hot IPO market saw a number of financial services firms including Rasan Information Technology and Yaqeen Capital make their market debut last year.
Others like the investment banking arm of one of the Kingdom's biggest lenders, Riyad Bank, could follow suit this year.
Derayah posted a net profit of 228 million riyals ($60.80 million) in the first half of 2024, up 70% from the same period a year earlier, it said on Thursday.
It appointed HSBC Saudi Arabia as sole financial adviser, bookrunner, global coordinator, lead manager and underwriter for the IPO.