According to data released by the Communications and Information Technology Commission (CITC), and quoted by Khaleej Times, Saudi Arabia’s telecoms sector is growing rapidly. Between 2001 and 2006 – the period to which the CITC’s statement relates – service revenues doubled from SAR19.8 billion to SAR40 billion, of which mobile revenues accounted for approximately 75%. The number of fixed lines at the end of 2006 stood at 3.95 million, of which three million were residential accesses, while in the mobile market the introduction of competition in 2005 helped more than double subscribers from 9.2 million in 2004 to around 19.6 million in 2006, giving a penetration rate of approximately 81%. Meanwhile, broadband subscribers soared from 14,000 in 2001 to 220,000 at the end of 2006. The report also states that Saudi Telecom Company (STC) planning to spend USD15 billion acquiring firms and licences outside its home market in 2008.