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07 December 2023

Nokia Siemens wins $935m Saudi Arabia deal

By Agencies

Nokia Siemens Networks said on Monday it had won an order worth $935 million from telecom operator Zain to build second- and third-generation mobile networks in Saudi Arabia.

Nokia Siemens Networks, a 50-50 joint venture between the world's largest cellphone maker Nokia and Germany's Siemens, said the deal includes a managed services contract for five years.

Zain, Kuwait's biggest mobile operator, made the highest bid for Saudi Arabia's third mobile licence last year, paying $6.1 billion as part of its expansion in the Middle East.

"It's a very sizeable deal. Very good news indeed for Nokia," said eQ analyst Jari Honko.

Shares in Nokia were 0.5 per cent lower at 24.56 euros by 0902 GMT, outperforming the 2 per cent weaker DJ Stoxx European technology index. (Reuters)