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MarketScreener Homepage  >  Equities  >  Saudi Arabian Stock Exchange  >  Saudi Telecom Company    7010   SA0007879543

SAUDI TELECOM COMPANY

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U.S. flags Huawei 5G network security concerns to Gulf allies

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09/12/2019 | 12:30pm EDT
FILE PHOTO: IFA consumer tech fair in Berlin

DUBAI (Reuters) - The United States has raised its concerns with Gulf allies over a possible security risk in using Huawei's technology for their 5G mobile infrastructure, U.S. officials said on Thursday.

Washington has been warning allies against using the Chinese company's equipment, which it says presents a security risk, but has so far has largely made public comments to European states.

Huawei has repeatedly denied the U.S. allegations, which were raised last week during a visit by Federal Communications Commission Chair Ajit Pai to Saudi Arabia, the United Arab Emirates, and Bahrain, all of which are using its equipment.

"We shared a ... message about the importance of securing 5G technology and applying risk based security principles," Robert Strayer, the U.S. State Department's deputy assistant secretary for cyber, international communications and information policy said on Thursday.

Washington says Huawei could be exploited by Beijing and has threatened to cut off intelligence-sharing with nations that use its equipment. China and Huawei deny the claims.

Bahrain is home to the U.S. Navy's Fifth Fleet while the UAE hosts American soldiers supporting U.S. military operations in the region. Washington has said it plans to station soldiers in Saudi Arabia as part of a wider deployment in the region.

"We think that when you apply a security based framework, one would end up excluding Huawei from deployments of 5G," Strayer, who was with Pai on the visit to the region, told reporters in a telephone briefing.

Bahrain's Telecommunications Minister Kamal bin Ahmed Mohammed told Reuters in March that Huawei had met the Gulf state's standards and that it had no concerns.

Saudi and UAE officials have not commented on the U.S.-Huawei issue. A source familiar with the matter has told Reuters that the Emiratis believe they can manage the risk.

Saudi Arabia, the UAE and Bahrain also use 5G equipment made by other technology companies, which Pai said showed that Huawei was not the only option for countries who want to take a lead in rolling out next-generation 5G mobile networks.

"I think that was ... important for our allies in the Gulf to hear," Pai said.

(Reporting by Alexander Cornwell; Editing by Alexander Smith)

By Alexander Cornwell

Stocks mentioned in the article
ChangeLast1st jan.
EMIRATES INTEGRATED TELECOMMUNICATIONS COMPANY 1.34% 5.3 End-of-day quote.-3.99%
EMIRATES TELECOMMUNICATIONS GROUP COMPANY 0.73% 16.66 End-of-day quote.1.83%
SAUDI TELECOM COMPANY -0.98% 101 End-of-day quote.-0.79%
THE LEAD CO., INC. -1.06% 374 End-of-day quote.-4.10%
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Financials
Sales 2020 56 820 M 15 149 M 15 149 M
Net income 2020 11 310 M 3 015 M 3 015 M
Net Debt 2020 4 383 M 1 169 M 1 169 M
P/E ratio 2020 17,9x
Yield 2020 3,96%
Capitalization 202 B 53 854 M 53 855 M
EV / Sales 2020 3,63x
EV / Sales 2021 3,53x
Nbr of Employees -
Free-Float 30,0%
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Mean consensus HOLD
Number of Analysts 12
Average target price 97,95 SAR
Last Close Price 101,00 SAR
Spread / Highest target 6,93%
Spread / Average Target -3,02%
Spread / Lowest Target -11,9%
EPS Revisions
Managers
NameTitle
Nasser Sulaiman A. Al-Nasser Group Chief Executive Officer
Mohammed Khaled Al-Abdullah Al-Faisal Chairman
Haithem Mohammed Al-Faraj Senior VP-Technology & Operations
Ameen Fahad ben Abdulaziz Al-Shiddi Chief Financial Officer
Ibraheem Abdul Rahman Hamd Al-Qadi Independent Director
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