Saudi Arabian cellco Etihad Etisalat (Mobily) has signed a strategic agreement with real estate development company Emaar Economic City for the deployment, operation and maintenance of communication networks within King Abdullah Economic City (KAEC), the largest of four planned economic cities in the Kingdom of Saudi Arabia. The 8-year contract, which is subject to further extensions, was signed by Mobily’s CEO Khalid Al Kaf and KAEC’s CEO Fahd bin Abdulmohsen Al-Rasheed on 2 July 2013. According to a press release posted on Saudi Stock Exchange’s (Tadawul’s) website, under the contract Mobily is expected to invest SAR600 million (USD160 million) in the deployment of advanced infrastructure for integrated telecoms services in KAEC, in addition to rolling out a fibre-optic network infrastructure. The company is also required to provide IPTV services, as well as Ethernet (VPN) and IP transit to KAEC’s projected 420 companies and nearly 115,000 residential units. Mobily plans to fund the project using its own capital in addition to financial backing from banks, and expects to generate revenues of around SAR1.4 billion during the contract period.