CAIRO: Egyptian authorities said Monday they had fined the national branch of mobile phone giant Vodafone 500,000 euros over a coverage outage last week just ahead of the Eid Al-Fitr holiday.
The National Telecommunications Regulatory Authority (NTRA) said it made the “unprecedented” move after services dropped “for several hours, in multiple regions” on June 3 just before the holiday which marks the end of Ramadan, the Muslim holy month of fasting.
Vodafone is the leading provider in Egypt, according to official figures, servicing 40 million of the country’s more than 100 million mobile phone lines.
It is positioned ahead of three other national operators: Orange, Etisalat and We.
NTRA also stressed “the need to compensate subscribers affected by this interruption.”
Many Vodafone Egypt users have taken to social media to voice their dissatisfaction.
The company on Thursday sent a text message to users apologizing for “the network’s performance” and offering up free Internet packages as compensation.
Vodafone Egypt fined 500,000 euros for coverage outage
Vodafone Egypt fined 500,000 euros for coverage outage
Closing Bell: Saudi main index closes in red at 10,947
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 208.20 points, or 1.87 percent, to close at 10,947.25.
The total trading turnover of the benchmark index was SR4.80 billion ($1.28 billion), as 14 of the listed stocks advanced, while 253 retreated.
The MSCI Tadawul Index decreased, down 25.35 points, or 1.69 percent, to close at 1,477.71.
The Kingdom’s parallel market Nomu lost 217.90 points, or 0.92 percent, to close at 23,404.75. This came as 24 of the listed stocks advanced, while 43 retreated.
The best-performing stock was Musharaka REIT Fund, with its share price up 2.12 percent to SR4.34.
Other top performers included Al Hassan Ghazi Ibrahim Shaker Co., which saw its share price rise by 1.18 percent to SR17.20, and Saudi Industrial Export Co., which saw a 0.8 percent increase to SR2.51.
On the downside, Abdullah Saad Mohammed Abo Moati for Bookstores Co. was among the day’s biggest decliners, with its share price falling 9.3 percent to SR39.
National Medical Care Co. fell 8.98 percent to SR128.80, while National Co. for Learning and Education declined 6.35 percent to SR116.50.
On the announcements front, Red Sea International said its subsidiary, the Fundamental Installation for Electric Work Co., has entered into a framework agreement with King Salman International Airport Development Co.
In a Tadawul statement, the company noted that the agreement establishes the general terms and conditions for the execution of enabling works at the King Salman International Airport project in Riyadh.
Under the 48-month contract, the scope of work includes the supply, installation, testing, and commissioning of all mechanical, electrical, and plumbing systems.
Utilizing a re-measurement model, specific work orders will be issued on a call-off basis, with the final contract value to be determined upon the completion and measurement of actual quantities executed.
The financial impact of this collaboration is expected to begin reflecting on the company’s statements starting in the first quarter of 2026, the statement said.
The company’s share price reached SR23.05, marking a 2.45 percent decrease on the main market.
