VOL. XLV

No 37

16-September-2002

SAUDI ARABIA/TELECOMS

Saudi Arabia To Launch Telecoms Privatization In Fourth Quarter

Saudi Arabias Council of Ministers, at its meeting on 10 September,decided to go ahead with the sale of 30% of the shares of the state-owned SaudiTelecommunications Company (STC) in the fourth quarter of 2002. The councilalso decided to raise the companys capital from SR12bn ($3.2bn) to SR15bn($4bn) and to open the telecom sector to competition by the last quarter of2004, with...