Richard Daly (right) addressing the media after announcing the results as Khalid Barzak, Investor Relations Manager, Vodafone Qatar, looks on.
DOHA: The management agreement for Vodafone PLC (Vodafone) to manage Vodafone Qatar QSC (Vodafone Qatar) has been renewed for a further 6 years until March 31, 2018.
The Management Agreement was initially signed on June 26, 2008 for an initial term of five years. The new agreement sees the fee payable to Vodafone PLC reduced to reflect the increased scale of the business and the transition to a Fixed and Mobile Operation.
Vodafone PLC will continue provide services relating to the management and operation of Vodafone Qatar including the use of Vodafone Brand and provision of global products and services. It would also continue to supply the management and key executives of the company and access to specialist operational expertise and personnel from with the Vodafone Group of companies. The renewal of the agreement also means Vodafone PLC would continue to provide services relating to cost savings through access to Global functions such as supply chain, terminals and roaming services.
Commenting on the agreement Nick Read, Regional Chief Executive, Vodafone PLC said: “Vodafone is committed to Qatar and, through Vodafone Qatar, wishes to fully support the country’s objective to be a truly connected global leader. In the coming years we will continue to develop and grow the business to become a fully fledged Total Communications Provider”.
Nick said the three successful years have transformed the telecommunications market in Qatar. “Now we are moving to fully fledged Total Communications Provider-supporting Qatar in its objective to be a truly connected global leader”.
The Vodafone is ready to launch our superfast broadband services over the fibre network in partnership with Q.NBN. We are grateful for the support of local shareholders and especially Qatar Foundation, he said.
Rashid Al Naimi Qatar Foundation’s Chief Administration Officer and Vodafone Qatar Board Member said, “Qatar Foundation and the local Board are delighted to carry on the relationship with Vodafone PLC. With Vodafone’s full support we look forward to continued success as we grow the business to, serve our customers and bring value to our shareholders.”
According to the renewed agreement, the fee payable to Vodafone PLC has reduced to a maximum of 3.5 percent of total annual revenue from five percent previously to reflect the increase scale of the business and the transition to a Fixed Mobile Operation. The fee is now more closely linked to the financial performance of the business.