du 9M profit up 10.8%

Revenue grows as connectivity demand supports earnings

Al Rajhi Bank 9M profit up

Revenue growth lifts earnings despite higher provisions

Mashreq prices Dim Sum bond

UAE bank raises offshore renminbi funding

Aldar buys Sharjah homes

Deal adds 1,100-plus rental units

SIB profit up 9%

Higher income from financing and investment drive growth.

Ooredoo penalized for violating communications authority rules

    • Financial Sanctions of 3.5m Qatari Riyals imposed on company for refusing access to its facilities, violating CRA rules

    • Ooredoo’s violations prevents customers from being informed about offers existing in the market

    Qatar’s leading telecommunications company Ooredoo has penalized with financial sanctions of 3.5 million Qatari riyals ($961,000) for refusing to grant access to its facilities and violating rules of the country’s 

    Communications Regulatory Authority (CRA).

    The CRA imposed a sanction of 2.5 million Qatari riyals on the company for refusing access to licensed service providers to its International Gateway Facilities at Al Khessa Cable Landing Station and Ooredoo Data Center 5.

    Another sanction of 1.5 million Qatari riyals was imposed for non-compliance with its obligations to file with the CRA and get the CRA prior approval for tariffs for fixed telecom services.

    This amounted to violating CRA’s instructions about customer protection and for violating the instructions on anti-competitive practices. 

    In a statement, CRA said Ooredoo’s lack of compliance prevents controlling the legality of Ooredoo’s offers on the fixed telecom market and prevents customers from being informed about offers existing in the market. 

    “Ultimately, Ooredoo’s behaviour misleads customers and prevents them from benefiting from the best prices,” the statement said.

    The CRA regulates the telecommunications, information technology and postal sectors, as well as access to digital media. CRA uses its regulatory powers mandated by the Amiri Decree to protect consumer rights, ensure competition, and manage the resolution of disputes.Â