Saudi firm wins mobile network license in Bahrain

Saudi Telecommunications Company (STC) has been awarded the third license to operate mobile phone services in Bahrain, it was reported on Tuesday. 

STC, that already boasts 90 million customers, was the only company awarded the bid for BD86.7bn ($230bn) by the Telecommunications Regulatory Authority (TRA) after almost a year long bidding process.

The license was officially handed over by the TRA chairman Mohammed Ahmed Al Amer to STC chairman Muhammad Al Jasser at a presentation ceremony held at the Ritz-Carlton Hotel, according to Saudi daily Saudi Gazette.

Saudi banks post 17.3% rise in profits for Q4 2008

Banks in Saudi Arabia have posted a 17.3 percent increase on net profit in the last quarter of last year, bucking the international banking trend for losses, it was reported on Saturday.

A report from the Saudi Arabian Monetary Authority (SAMA) said the country’s commercial banks overall profit increase was worth SR4.4bn – up from SR25.5bn in Q4 2007 to SR29.9bn in Q4 2008 - despite the global economic crisis.  

However, the report said the banks witnessed a 1.1 percent drop in annual average growth rate, according to UAE daily Gulf News.