Zain Kuwait, a major telecommunications company in Kuwait, and Huawei, a global information and communications technology (ICT) solutions provider, have announced plans to launch a first of its kind Joint Innovation Center (JIC), which will serve as a research hub for the advancement of long-term evolution (LTE) mobile broadband technologies and associated LTE applications for Zain’s mobile customers in Kuwait and across the region.
The new JIC will ultimately support Zain in enhancing its service offerings while realizing additional revenue streams through the advancement of its LTE network capabilities. Both Zain and Huawei will be investing capital in the construction of the center with the two companies also bringing together an elite team of global experts, engineers and other human resources to lead the center’s work.
The two companies signed a memorandum of understanding outlining their ambitions for the JIC during a ceremony at this week’s Mobile World Congress 2013 in Barcelona, Spain.
Omar Al-Omar, CEO of Zain Kuwait, said: “We are very pleased to have completed the signing of this agreement. Zain prides itself for being the only telecommunications company in Kuwait that offers its customers various telecommunication solutions while providing the best mobile services experience in town. The new center aims to enhance the overall LTE experience throughout Zain’s Middle East networks, allowing customers to browse the Internet through their smart phones faster than before.”
Among the goals for the new JIC will be the testing of new LTE-compatible services and applications, as well as the development of sophisticated processes that can be used to measure subscribers' quality of service and perform more robust customer-experience analysis.
Zain, Huawei ink deal to launch JIC in Kuwait
Zain, Huawei ink deal to launch JIC in Kuwait
Closing Bell: Saudi main index closes in red at 10,452
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Tuesday, losing 137.26 points, or 1.30 percent, to close at 10,452.91.
The total trading turnover of the benchmark index was SR3.61 billion ($964.2 million), as 25 of the listed stocks advanced, while 235 retreated.
The MSCI Tadawul Index decreased, down 16.79 points or 1.21 percent, to close at 1,374.55.
The Kingdom’s parallel market Nomu lost 246.13 points, or 1.04 percent, to close at 23,470.28. This comes as 23 of the listed stocks advanced, while 51 retreated.
The best-performing stock was AlAhli REIT Fund 1, with its share price surging by 4.15 percent to SR6.52.
Other top performers included Dar Alarkan Real Estate Development Co., which saw its share price rise by 3.47 percent to SR15.80, and Arabian Drilling Co., which saw a 1.53 percent increase to SR96.35.
On the downside, the worst performer of the day was CHUBB Arabia Cooperative Insurance Co., whose share price fell by 5.40 percent to SR20.66.
Sport Clubs Co. and Rabigh Refining and Petrochemical Co. also saw declines, with their shares dropping by 5.10 percent and 4.76 percent to SR8.75 and SR7, respectively.
On the announcements front, Saudi Arabia Refineries Co. has formally established its new subsidiary, Clean Energy Co., announcing the completion of its articles of association and commercial registration.
The wholly owned limited liability company, headquartered in Bish City, is slated to operate in the critical sectors of metal mining, organic chemical manufacturing, and the production of primary gases, including liquid and compressed air.
According to the official announcement on Tadawul, the subsidiary will commence operations after finalizing all remaining incorporation requirements, which encompass administrative and technical arrangements as well as securing the necessary operational licenses.
The move marks a strategic expansion for the parent company into the industrial and clean energy supply chain. Sarco’s shares traded 0.93 percent lower on the main market today to reach SR53.
