Etisalat, the UAE telecoms operator with a 28 per cent stake in Saudi telecom operator Mobily, will see up to Dh175m wiped from group net profits in the coming years after a new annual royalties structure in the kingdom. Akintunde Akinleye for The National
Etisalat, the UAE telecoms operator with a 28 per cent stake in Saudi telecom operator Mobily, will see up to Dh175m wiped from group net profits in the coming years after a new annual royalties strucShow more

Etisalat sees 'insignificant' impact in 2018 from Mobily royalty fees deal



Etisalat, which owns a 28 per cent stake in Saudi telecoms company Etihad Etisalat (Mobily), expects "insignificant" financial effect in 2018 from changes in annual royalty and licence fees in Saudi Arabia, but group profit will take a hit in the coming years.

The UAE telecoms operator said the agreement between the Saudi government and Mobily could wipe out an estimated Dh125 million to Dh175m a year from its group net profit over the "coming few years", according to the company's statement to the Abu Dhabi stock exchange on Monday.

"The financial implications on Etisalat Group's financial statements are still subject to review," the company said. "The final impact will be disclosed to the market as part of the year-end financial disclosures."

Etisalat's statement was in response to an agreement between the Saudi government and three telecom operators, including Mobily, to change the calculations of their annual royalty fees. Under the agreement announced on Sunday, royalty payments by the operators to the government would drop retroactively from 15 per cent to 10 per cent of net revenues from January 1, 2018.

Mobily said the change will not affect its 2018 earnings massively. Starting from next year it said the company will have to bear additional costs estimated between 450 to 600 million riyals per year over the next few years. Mobily would also have to pay an annual licence royalty equal to 1 per cent of its annual net telecoms revenues.

Etisalat said the agreement will not have a material impact on its financial results in the 2018 fiscal year as Mobily's existing provisions offset a "significant" portion of the effect during the year.

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The agreement announced on Sunday was between the Saudi government and Mobily, Saudi Telecom Company and Zain Saudi. The companies also said they had reached a deal with the government to settle disputed fees to be paid for previous years up to 2017. In return, the three companies agreed to invest in upgrading their network infrastructure over the next three years.

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The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.

A clear distinction between the residences and the Raffles hotel with the amenities operated separately.

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Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

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Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

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1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention

2) There are about 11,000 patients in the country in need of organ transplants

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From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

The biog

Name: Marie Byrne

Nationality: Irish

Favourite film: The Shawshank Redemption

Book: Seagull by Jonathan Livingston

Life lesson: A person is not old until regret takes the place of their dreams

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Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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Director: Alfonso Cuaron 

Stars: Cate Blanchett, Kevin Kline, Lesley Manville 

Rating: 4/5

Business Insights
  • As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses. 
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UAE squad

Humaira Tasneem (c), Chamani Senevirathne (vc), Subha Srinivasan, NIsha Ali, Udeni Kuruppuarachchi, Chaya Mughal, Roopa Nagraj, Esha Oza, Ishani Senevirathne, Heena Hotchandani, Keveesha Kumari, Judith Cleetus, Chavi Bhatt, Namita D’Souza.

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Premier League

Manchester United 2 (Martial 30', Lingard 69')
Arsenal 2 (Mustafi 26', Rojo 68' OG)

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Started: 2016

Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel 

Based: Ramallah, Palestine

Sector: Technology, Security

# of staff: 13

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Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors

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Brown rice: consume an amount that fits in the palm of your hand

Non-starchy vegetables, such as broccoli: consume raw or at low temperatures, and don’t reheat  

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Fruit: a medium bowl a day and no more, and never fruit juices

Lentils and lentil pasta: soak these well and cook them at a low temperature; refrain from eating highly processed pasta variants

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