Mobily Penalized in Saudi Arabia for Not Hiring Enough Nationals
- Regulator suspends some of the telecom provider’s services
- Mobily shares dropped as much as 4.5% at the open in Riyadh
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Saudi regulators suspended some of the services of telecommunications provider Etihad Etisalat for failing to hire enough Saudis in executive positions in the latest sign of the kingdom’s efforts to lower unemployment among nationals. Shares tumbled.
The Communications and Information Technology Commission said it ordered the company, known as Mobily, to suspend the sale of prepaid and postpaid packages services to new customers. The company said it cannot determine the effect of the decision, adding that it was cooperating with the regulator.