CHAIRMAN’S STATEMENT
REDEFINING POSSIBILITIES
SUSTAINING LEADERSHIP
We continued to lay the foundation for sustained accelerated growth
Mr. Abdulkarim Ibrahim Alnafie
Chairman
11-YEAR
growth records
in 2024
First telecom company
to achieve a
AA
rating on the MSCI
Index in MENA
It is my pleasure to present Mobily’s Annual Report for 2024, a year marked by record-breaking performance and transformative growth. By leveraging cutting-edge technologies and forging strategic partnerships, we strengthened our leadership in technology, media and telecommunications (TMT) while unlocking new opportunities across key sectors. This report highlights our journey of innovation and leadership, our contributions to Saudi Arabia’s Vision 2030 and our unwavering commitment to building a connected and sustainable future.
The Saudi economy continued its remarkable transformation in 2024, driven by fiscal and structural reforms under Vision 2030. These comprehensive efforts have fueled sustainable growth, particularly in the non-oil sectors, as the Kingdom prioritizes income diversification, private sector empowerment and the development of high-potential industries. Compensating for the decline in oil production due to the Kingdom’s voluntary cuts under the OPEC+ agreement, 2024 saw an increase in non-oil activities by 3.7%, with real GDP growth of 4.6%. This performance underscores the success of the Kingdom’s diversification strategy, with private sector contributions playing a pivotal role in fostering job creation, regulatory improvements and investment attraction.
In parallel, Saudi Arabia has strengthened its position as a global leader in digital innovation as it ranked 16th in the International Institute for Management Development World Competitiveness Ranking and 1st globally in internet usage per population. It also secured 2nd place among G20 nations in the International Telecommunication Union’s Information and Communication Technology Development Index for the second time in a row and continues to lead the Middle East and North Africa (MENA) region as the largest and fastest-growing information and communication technology (ICT) market. These milestones reflect the Kingdom’s rapid data consumption growth with monthly data consumption exceeding 3 times the global average. Further emphasizing its digital leadership, Saudi Arabia climbed 25 places in the United Nations E-Government Development Index, ranking 1st regionally and 2nd among G20 nations.
The telecommunications sector experienced sustained growth, driven by the Kingdom’s ambitious goals of economic diversification and digital transformation. Investments in infrastructure, including early adoption of 5G, expansion of internet of things (IoT) applications and advancements in cloud and artificial intelligence (AI) technologies, have positioned Saudi Arabia as a regional hub for connectivity and innovation. The business-to-business (B2B) segment saw significant expansion as businesses increasingly adopted ICT solutions, while giga projects continued to fuel demand for cutting-edge digital services.
Despite challenges such as competitive pricing pressures in the consumer market, telecommunications companies leveraged value-added services, cost optimization strategies and rising data consumption from 5G networks to drive growth. The ICT sector’s rapid evolution, with projections for an 8% compound annual growth over the next 5 years, underscores the opportunities that align with Mobily’s ambitious expansion strategy. These dynamics reaffirm our role as a critical enabler of Saudi Arabia’s transformation into a globally recognized digital economy.
Redefining Leadership in a Digital World
Our 2023–2027 Strategy is designed to position Mobily as a leader in the TMT sector while delivering long-term value to our shareholders. Over the next 5 years, we aim to capture the expanding opportunities in Saudi Arabia by achieving growth across core and adjacent markets and leveraging emerging technologies to strengthen our market position.
Mobily’s strategy focuses on 4 key objectives: securing the largest share of consumer revenue growth, leading the B2B market, diversifying into digital and adjacent markets and anchoring ICT partnerships to support Vision 2030 initiatives. To achieve these goals, we are committed to being agile in adapting to market trends and emerging technologies, ensuring our infrastructure remains robust to meet unforeseen demands like lowlatency requirements, and maintaining flexibility in addressing diverse customer needs. For instance, we tailor solutions for large corporates while providing quick, off-the-shelf options for small and medium-sized enterprises (SMEs).
We are also partnering with global leaders in AI to expand our offerings and enhance operational efficiency. Internally, we are leveraging AI to streamline our services, improve financial performance and elevate customer satisfaction. Externally, we are upgrading our infrastructure to support innovative initiatives like a Kingdom-based search provider and enhanced business-to-government and B2B solutions. By aligning our strategic priorities with cutting-edge technology and customer-centric solutions, Mobily is well-positioned to drive growth and innovation over the near and long-term.
Sustaining Our Growth Horizons
In 2024, Mobily achieved its strongest financial performance in over a decade, recording the highest annual revenue, net profit and EBITDA in 11 years. This exceptional growth reflects consistent quarterly and yearly progress, underscoring the effectiveness of our long-term strategy and operational excellence. The Mobily brand also achieved remarkable recognition, earning the title of the fastestgrowing telecommunications brand in the Middle East and continuing to strengthen its value and customer loyalty across the Kingdom.
Throughout the year, Mobily reached significant milestones across all pillars of its strategy. In the giga projects domain, we underwent a strategic transformation, attracting top global talent and investing in advanced customer-facing infrastructure, establishing a solid foundation for longterm revenue growth. In the ICT and SME sectors, Mobily further cemented its position as a trusted partner, enhancing end-to-end digital solutions and driving steady expansion in the SME space.
We continued to lay the foundation for sustained accelerated growth by prioritizing market-leading customer experience, digital transformation and robust infrastructure development. Our network has been significantly enhanced with international submarine cables, advanced data centers, expansive fiber network and state-ofthe-art 5G sites, delivering ultra-fast speeds and reliable connectivity to our growing customer base. Additionally, we established a range of strategic partnerships to leverage leading technologies and develop largescale solutions that support critical government projects, reinforcing our role as a key enabler of the Kingdom’s digital transformation.
Enabling Vision 2030
Mobily plays a critical role as an enabler of Saudi Arabia’s Vision 2030, driving development in the Kingdom’s ICT sector. By empowering SMEs, enhancing services for end users and supporting government integration, Mobily aligns its strategic focus with the national agenda. A cornerstone of this strategy is complementing the capabilities of our partners to anchor ICT leadership within the Kingdom and provide the infrastructure essential for giga projects.
In 2024, Mobily captured a large share of government projects, demonstrating our established position as a trusted provider of TMT services. This marks a remarkable transformation over the past decade, as we have exponentially scaled our capacity and offerings to meet the extensive needs of government initiatives. Today, Mobily’s dependable infrastructure and innovative solutions are integral to driving the Kingdom’s digital transformation forward.
Our robust governance system drives continued progress in support of the environmental, social and governance (ESG) goals. We made significant strides in implementing our ESG Strategy this year, which resulted in Mobily becoming MENA’s first company to achieve a rating of AA on the MSCI Index. Through rigorous corporate governance and a focus on minimizing risks and ensuring compliance, we have strengthened our position as a responsible and ethical corporate entity. These collective efforts culminated in significant industry recognition, as our Risk Management and Business Continuity team was honored thrice at the BCI Middle East Awards. Our sustainability framework has guided us in addressing environmental, social and economic challenges. We have prioritized climate change and energy management, waste management and circularity, along with promoting digital innovation and responsible marketing. By investing in our communities and fostering diversity and inclusion, we are contributing to economic development while also creating sustainable value for our Stakeholders.
Executing Transformational Growth
Throughout the year, we reinforced Mobily’s role as a technological and market disruptor through strategic partnerships and innovative advancements. Our collaboration with Amazon Web Services (AWS) has been pivotal in enabling us to provide cutting-edge solutions that empower businesses across the Kingdom. By combining Mobily’s deep understanding of the local market and robust infrastructure with AWS’s global expertise, we have created opportunities to deliver transformative solutions for B2B and businessto-consumer (B2C) revolutionizing the digital experience and meeting the evolving expectations of our customers. Additionally, partnerships with global leaders such as Huawei have supported the expansion of our IoT solutions, helping us grow our customer base and deliver transformative services that empower businesses across the Kingdom.
To support these efforts, we launched a significant expansion of our data centers, tailored to meet the growing demand for technologies, which are essential for advancing IoT and 5G capabilities. We also continued to invest in critical infrastructure, including submarine cables, and strengthened our partnerships with mobile virtual network operators (MVNO) to enhance connectivity and service delivery.
On the B2C front, we captured a significant share of market revenue growth, positioning Mobily as a leader in new trends and achieving total experience leadership. By focusing on innovation, improving the customer journey and adapting to the dynamic TMT landscape, we are transforming Mobily to drive value for all Stakeholders.
Maintaining Momentum in 2025
Building on the strong momentum of recent years, we remain optimistic that 2025 will be a year of accelerated growth for Mobily as we strengthen our position as a leading player in Saudi Arabia’s TMT sector. We are committed to diversifying our portfolio and expanding our offerings to meet the evolving needs of our customers while maintaining our leadership in service excellence. By capitalizing on the opportunities in the Kingdom’s rapidly growing market, monetizing our strategic investments and staying at the forefront of innovation, we will continue to create sustainable value for our shareholders and reinforce our leadership in the industry.
To achieve this vision, we will adapt to the ever-changing TMT landscape by investing in constant innovation and developing new digital solutions. Introducing advanced products and services will enable us to establish sustainable revenue streams and increase our market share in connectivity. Partnerships with technological leaders such as AWS will be key to driving growth, particularly in the B2B segment. In alignment with Saudi Vision 2030, we will increase our participation in giga projects and national development initiatives, contributing to the Kingdom’s transformation while actively pursuing new growth opportunities that align with our strategy.
Acknowledgements
On behalf of the Board of Directors, I extend heartfelt gratitude to our Executive Management team for their exemplary performance and strategic execution during 2024, delivering yet another year of success and growing returns.
I would also like to acknowledge the unwavering support of our strategic partners and shareholders, whose contributions have been instrumental in achieving our milestones and positioning us for continued excellence in the year ahead.
Lastly, we express our deepest appreciation and loyalty to The Custodian of the Two Holy Mosques and His Royal Highness, The Crown Prince, whose visionary leadership and remarkable achievements continue to drive the Kingdom’s progress toward the ambitious goals of Saudi Vision 2030.