Saudi Telecom is planning to cut nearly 14% of it’s workforce at home and also wants to double it’s efforts for it’s expansion abroad after it saw rejection in Moroc Telecom stake, by French firm Vivendi.
The telco’s Chief Executive Saud Al-Duweish had hopes from Vivendi, after the decline of selling Moroc Telecom stake that it would change it’s mind, and showed interest in the Algeria Telecom’s privitisation.
The operator is under immense pressure to improve it’s profitability as there is a huge competition among regional telco’s, like Kuwait’s Zain, as well.
Saudi Telecom for foreign expansion has spent nearly $6 billion in the past 15 months. In order to catch up with the expenses, the group plans to cu it’s expnses by 15% and to cut 3,000 jobs out of its workforce of 21,000, or 14 percent.
Al-Duweish said he is still interested in participating in the privatisation of Algeria Telecom.
“We will always be interested in Algeria, which is a country with huge potential.”
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Saudi Telecom plans 3000 job cut, to catch up with expenses made for foreign expansion (Saudi Arabia)
- September 15th, 2008
- 5:36 am
