Good afternoon, everyone, and Ramadan Kareem. Hello, and welcome to Ooredoo's financial results call. My name is Sara Al Sayed from the Investor Relations team. We are joined by speakers from various locations in Doha during this Zoom call. Let me introduce my colleagues. We are joined by, if you have joined our recent virtual bond road show, you will be familiar with Aziz Aluthman Fakhroo, Managing Director of Ooredoo Group. Joined also by Sheikh Mohammed Al-Thani, Deputy CEO, Ooredoo Group, and CEO of Ooredoo Qatar. Abdulla Al Zaman, the new Ooredoo Group CFO. Ajay Bahri, former Ooredoo Group CFO, now advisor of the Group MD. All bios are available in the investor deck. Aziz will start the presentation with key financial highlights and consolidated results, followed by OpCo results information by Sheikh Mohammed and our Group CFO, Abdulla. We keep the presentation brief to allow sufficient time for your questions. The presentation is available on our website, ooredoo.com, as well as on the webcast. Please do note the usual disclaimer on slide number two. To begin, I will now hand over to Aziz. Good afternoon, everyone. Thank you. Once we've passed the disclaimer, I'll start. Sara, if you can go to the group result highlights slide. Perfect. Good afternoon. Look, we're happy to start the year on a very strong foot. As you will see with our results, our revenues are flat year-on-year, we actually have a slight decline of 1% at QAR 7.2 billion for the first quarter. Our EBITDA increased by 6% to QAR 3.2 billion for Q1. Our net profit attributable to Ooredoo shareholder has decreased by 50%. This is mainly driven due to FX impact. Our data revenue accounts for now 55% of our revenue. This shows and highlights our leadership strategy in data across all our markets. Of course, as you are aware, we've announced two landmark transactions in Q1 of this year. One was the successful sale of 4,200 towers in Indonesia through Indosat Ooredoo for approximately $750 million. This is the highest valuation for this kind of asset reached in Asia. We're very proud of this transaction. We also are very proud of our bond issuance. We returned to the market this year after a five-year gap. We had a book that was oversubscribed by 3.4x and achieved a coupon of 2.625% per year for a $1 billion issuance. That puts us as the lowest coupon for all emerging market telecom operators. Next slide. As mentioned before, our revenue has marginally dropped to QAR 7.2 billion. That's a 1% drop, which is driven due to an FX impact. If you exclude the FX impact, actually, our revenue has increased by 1%. Just a reminder, we achieved an operational increase of revenue by 1%, comparing Q1 of this year to Q1 of last year. Q1 of last year, the two first months didn't have any of the COVID-19 restrictions we experience across the market, and we still experience today in most of our markets. We're very happy with this performance. In terms of EBITDA, this highlights our continued focus on cost optimization through leveraging technologies and digitalization, our EBITDA grew by 6% year-on-year to QAR 3.2 billion. This is actually impacted again by FX. If we remove the impact of FX, our EBITDA actually grew by 9% in the first quarter. This has been driven by a very strong performance and margin expansion, mainly in Indonesia, Kuwait, Iraq, and Myanmar. To put it in perspective, our EBITDA margin for Q1 is 45% compared to last year's Q1 at 41%. Next slide, please. As mentioned, our net profit is down by 50% in Q1 of this year. This is really affected by an FX impact coming from Myanmar. If we excluded that FX impact, our net profit actually would be up 120% to QAR 457 million for the first quarter. Next slide. In terms of free cash flow, in CapEx and free cash flow, we're on schedule for the CapEx plan for the year. We're slightly ahead of last year's CapEx expenditure at QAR 850 million. That's a 5% increase on CapEx for Q1 versus last year. Remember, CapEx is quite seasonal. The variance is actually in the norm. In terms of free cash flow, again, we have a healthy free cash flow of QAR 1.3 billion. That's a slight reduction versus last year for the first quarter, -14%. One factor plays in, as you've noticed, our CapEx for the year is slightly higher at the beginning of this year. This accounts for most of the deviation in free cash flow for the first quarter. Our total customer base is, for Q1 2021, at 118 million subscribers. That's close to par or stable versus Q1 of last year. There's been some slight drop in customer base, especially due to some regulatory change of accountability of customers in Tunisia. This drop in Tunisia has been offset by an increase in subscribers in Indonesia, Iraq, Oman, and Algeria. Net debt. In terms of net debt, we're having right now a net debt to EBITDA ratio of two, which is right in the middle of our board guidance of 1.5x-2.5x. As a reminder for the net debt, we just issued a $1 billion bond at the beginning of this quarter and used the proceeds to prepay our maturity of next year. As a summary, revenue is stable, minus 1%, in line with our guidance. Our EBITDA is at QAR 3.2 billion. That's a 6% increase versus Q1. That's ahead of our guidance for the year, and our CapEx is of QAR 850 million, which is right in line with our guidance for the year. We remain confident for the rest of the year. As you may know, a lot of the rest of the outlook of the year also depends on the evolution of COVID-19 and impact on our markets. Thank you. Thank you, Aziz. I'll take you throughout the operational review, we'll start with our home country, Qatar. In our home market, Qatar, we maintained our position as the leading operator in terms of both market share and infrastructure, with Ooredoo Qatar fixed line and mobile network ranked among the fastest globally. We remain focused on maintaining our network leadership as the redefined fiber rollout program success continues to afford 79 homes connected across the country. Financially, we had a good start of the year, in Qatar we have a year-on-year growth of 1% at the revenue and top line. A strong adoption of Ooredoo ONE, or Ooredoo, we call it, All-in-One home services. EBITDA remains stable, we maintained a robust EBITDA of 54% margin in Q1 2021. Sequentially, revenue decreased 1% between Q4 2020 and Q1 2021. During the quarter, we were honored to have been recognized as the Global Partner of the Year and Digital Partner of the Year by leading money transfer company, MoneyGram. A testament to our strategy at developing an ecosystem of digital solution of our customer. We move to slide 13 on Kuwait. COVID-19 contributed to a straining macro economy. The revenue declined 8% year-on-year. EBITDA for the period increased 2%, thankfully, that is due to the cost saving and optimization program that the company is having. Despite the revenue decline, we remain in a 28% Back to slide Kuwait, please. Still there. In the EBITDA still we have a very healthy margin for 28%, despite the top-line decrease. Overall population reached a 30-year low level in Kuwait, with a sharp decrease in expat numbers, heavily impacted our customer base. That's due to COVID-19 and the microeconomy and whatever we have seen affecting the country itself. There is a positive MNP trend in Q1 2021. Ooredoo Kuwait was awarded the Best Internet Service Provider at the Annual Service Hero Awards for the year 2020. The company remain focused on launching a new innovative product for its customer. Most important to mention here also in Ooredoo Kuwait, we signed MoU with the NBK, the National Bank of Kuwait, to develop a digital services product and solution that contribute to the enriching customer experience. That's part of our Ooredoo Group digital strategy. If we move to Algeria. Algeria delivered a very healthy number or set of results in Q1 2021 compared to Q1 2020 in local currency. Still there is a challenging microeconomy environment. There is also a suffer from a 9% depreciation in Algerian dinar. Local currency revenue increased 2% quarter-on-year, supported also by reopening the business and bundling of our offers, mainly in Ooredoo app and also targeting a SOHO and SME businesses. It's a niche market that Ooredoo Algeria is really striving for and hitting for a targeted customers in that segment. EBITDA 34% due to cost saving and digital efficiencies as well. Customer base is at 12.7 million in Q1 2021, up 3% compared to the same period. We have a leadership position in customer satisfaction. Over to you, Abdulla Zama n. I will hand over to our Group CFO, Abdulla Zaman, to take you through the rest of the operations. Thank you. Thank you, Sheikh Mohammed, and good afternoon to everyone. I will be covering, starting with Indonesia. I would describe this quarter for Indonesia to be the best performance quarter ever when it comes to the past five quarters. When it comes to the revenue, the revenue is up approximately by 13%. The growing, of course, was driven by a stronger performance, and this consists of mobile and B2B. On the EBIT level, we noticed that there is approximately 36% growing from a previous quarter or quarter one, I mean 2020. This is also due to the combination of top of growth and optimization in the costs. When it comes also to a customer base, we have noticed an increase in the customer base from a previous quarter. The good news about also Indonesia, which was covered earlier by our MD in his introduction about the sell-off of the towers. 4,200 towers that generate approximately $750 million. This is also will be reflected probably in next quarter, but this is a good news right now in Indonesia. I can go to Tunisia. Tunisia had a good top line of QAR 394 million in quarter one in 2021, an increase of approximately 3%. That also has an impact or favorable to the FX trends for the Tunisians, for the Tunisian currency. When it comes to EBITDA, there was slightly down in EBITDA, approximately 3%, and that was due to one-off transaction in the OpEx. I'm sure that this will recover by quarter two. When it comes to our customer base, there was a lower of 2.2 million due to change on a prepaid customer life cycle definition of 90 days instead of 180 days. This was a common methodology that was across mobile, that was applied across the mobile operator in Tunisia. When it comes to Iraq, okay. As you are all aware, Iraqi economy was impacted by weakening in purchasing power and followed by 17% devaluations of the IQD. The effect of course, of COVID-19 pandemic, that caused a little bit stretch or little bit pullback on the top line. The revenue has decreased in quarter one versus quarter one of 2020, and that was QAR 852 versus QAR 1.085 billion. On the EBITDA level also, we've seen a decline of approximately 20%, QAR 380 million. Overall, the EBITDA margin, we can see it's a healthy EBITDA margin, with 45% maintain. There will be a slow recovery, hopefully, going forward. In terms of the customer base also, we've seen a slight increase in quarter one 2021 versus quarter one 2020, year-on-year. One good news about Iraq that we have also a successful launch of 4G. This will probably will impact or will lead to contribute more to the top line in the future months. When it comes to Oman, COVID-19 in Oman have played a big role in impacting the top line. The top line was impacted by approximately 5%, so decline year-on-year from quarter one 2021 to quarter one 2020. EBITDA also were declined by approximately 12% during quarter one in 2021. The company remain committed to manage its overall cost structure in order to gain market and improve top line. When it comes to Ooredoo Oman customer base has increased by approximately 2%. This is 2.9 million in quarter one 2021. It seemed that the company has a very good foundation in term of customer base. Lastly, I will go to Myanmar. As you are all aware about the political development in Myanmar include the restriction in mobile and wireless broadband. The top line in Myanmar has been declining for approximately 11% year-on-year. It's driven by, of course, revenue restriction, but offset it by little the voice revenue. Luckily, the EBITDA was improved by 12%. This is, of course, due to optimizations and cost saving in order to manage the circumstances in Myanmar. One of the major decline that contributed to the revenue of Myanmar is the FX decline, which contribute approximately 11%. Customer base also has decreased in Myanmar by approximately 14%. Ooredoo Myanmar also has launched number of initiative to support the community and include, of course, donation and reach fee recharged in order to help the community during these circumstances. I will go back to you, Andreas. Thank you very much, Abdulla. Before we go into the Q&A session, a couple of announcements. I'm very proud to share with you that we just uploaded our first ESG report. It's available now on our website. You'll find some more details about our activities and disclosures in that space. If you have some time, please check it out. I'm going to post the link here as well in a second. Moving on to the next slide. Activities for the first half. Travel is still extremely difficult. We can join at least some virtual conferences. The next one will actually be coming up with Arqaam from the 24th to the 26th of May, followed by a debt and equity conference by Bank of America Merrill Lynch at the beginning of June. Our first half results are due again at the end of July. Another request from our side, the Extel survey, or as it calls now, the Institutional Investor Magazine survey, started the voting process again, and we would highly appreciate your support there. We have three nominations. Best CEO is Sheikh Mohammed Al-Thani, Best CEO is Abdulla Al-Zaman, and we got two nominations in the IR sector with Sara Al Sayed and myself. I shared with you the link there as well, and would highly appreciate your support there. If you have some feedback for us, IR is always looking forward to that, and that's always much appreciated. Moving on to the next area, which is going to be our Q&A session. You have different ways of asking questions here. You can use the chat function in Zoom or you can just raise your hand and then we can open the microphone as well. If you dial the star nine on the telephone, we can also take audio questions from the people who are dialing in via phone. I would like to open the floor now for your questions. There's a question from Ziad. Can we just give him the audio access? Jessica or Sara? Yes. Hi, can you hear me, Andreas Goldau? Yeah, we can hear you. Excellent. Yes. I have several questions actually starting with the cost optimization initiatives. It seems that employee salaries and associated costs are down 14% year-on-year. I'm wondering what's the cause of this. Is it because of digitalization initiatives, mainly in Indonesia? This is where we've seen most of the recovery. Or is it mainly due to the COVID-19 impact with shop closures, and we're going to see a reversion of that trend, and an increase in cost on recovery and mobility? That's the first question. Okay. Second question is on Qatar. We've seen ARPU recover 5% year-over-year. It's not just because of increased postpaid segment. We've seen specifically a 4% recovery in the postpaid segment ARPU by itself. What's driving the recovery in the postpaid segment ARPU in Qatar, do you think this is sustainable? What are the key sort of levers or drivers for growth in that market, given that we've seen subscriber base decline? That's the second question. Third question is with regards to the allowances for impairments. These dropped by QAR 60 million year-over-year. Were there any sort of reversals in this quarter? These are the three questions I have, but I'll stick to these and then I'll come back with more questions. Okay. Should I take that question, Andreas? Yes, please. Let me take that question. We always have ongoing optimization programs, and that's where we are being very efficient, looking into the cost structure and mainly of OpEx item, the staff cost, and we always have this efficiency. Needless to say also, the COVID-19 has really implemented or brought a new culture of digitization and people working from home, and people start adopting a new method or methods of working. That's initiative that's being taken also by some OpCos or team being taken this as it trials. It's an ongoing program, optimization and digitization also. COVID-19 has really contributed to this efficiency. If I move to question about Qatar. Yes, thankfully there has been a revision on our products and portfolio and prices, and mainly on the 5G plans. This is part of monetization of 5G investment. Basically we are at Ooredoo Qatar focusing on giving more value for money. That's where the revision of our offers and being innovative with also bundling these offers with content providers. I can name it with Netflix mainly and also StarzPlay. This is really happening during 2020 and help Ooredoo Qatar to be innovative providing more value for money with revised prices. That's really helped also our ARPU increase. Is there a third question from Ziad? Yeah. Thank you. The third question is on the allowance for impairments, the decrease on impairments for receivables. I think maybe someone from Ajay or? Quite not sure about your question, impairment on receivable or impairment as a general. No, no, allowance for impairment related to the receivables. It's fine. Just one more question. Also, with regards to the $750 million tower sale in Indonesia, can you give us some details on the leaseback costs, the structure? How much do you expect to pay per year on leasing back these towers? Somebody can answer that question. Aziz, do you have that? I ask Ajay to answer that question. Let me pick this up, Abdulla. I think the exact details will be eventually released by Indosat Ooredoo. As a concept, what I can tell you is the process was more to fix the lease payment and get the bids based on the lease payments which we had bidded out. It was not that the lease payments were to be bid by the bidders. That was already fixed in the RFP process. It was benchmarked to the market rate, and then the highest bidder was selected based on the process. More detail, of course, Indosat would release in due course on that. I can probably pick up your question on the impairment as well. The receivables, if you recall, the COVID-19 started in Q1 of last year, and the risk on bad debts have increased as a result of that. Some of that is getting reversed as recoveries have improved in some of the OpCos. That is partly the reason why you see some improvement in that. That's very clear. Is it possible to quantify the reversal in the first quarter? I think we can pick that offline with details with Andreas. Sure. Thank you very much. Okay, we have another question coming up. Jessica, if you could unmute Salman Baba. If that's not working, let me just take another question in the meantime. We have a question from Nishit from SICO. How do you plan to hedge the expected significant impact on earnings for exit from the Myanmar Kyat devaluation? Maybe I can take that one, Andreas. Sure. The FX loss, which we get from Myanmar is related to their dollar payables. A big part of that is their IFRS 16 leases, which came into play once IFRS 16 was implemented recently. As far as hedging is concerned, there are no hedging instruments available in the Myanmar market. That's a risk which we have to live with. What is done proactively in the country is to look at contracts which are dollar-denominated and see if these can be converted to local currency. There's proactive work being done by the team on the ground to do that, not only now, but for quite some time. For example, even for the tower leases, a certain portion which is linked to local costs is paid in local currency. That's a continuous effort. Unfortunately, there are no hedging instruments in that market, that's a risk which will continue. The only way to reduce it is to reduce the dollar contracts and dollar payables, which is not always possible. A lot of vendors don't want to take that risk as well. That's part of the overall risk, I think, of the business there. Very good. Thank you very much, Ajay. Any further questions, please raise your hand or type your questions. One comment on the conditions of the Indonesian tower sale. The details will be shown in the financials in the future, but the deal is not that different from the last tower deal that we had there, so you can expect more of the same impact. Yes, Tyler, we can hear you. Okay, perfect. Hi, and thank you for the call today. I had just a few questions related to Oman. The first one is in regard of the VAT that got implemented on the 16th of April. I was wondering if you passed through the full VAT in your prices. The second question, again, related to Oman, is the 5G license. Can you give us a little bit of detail about what's the conditions there? I understand that you have a commitment, you and Omantel, to build around 4,400 5G stations over the next five years. I was wondering if there is an annual fee to pay related to that, because I haven't seen any license payment fee related to that. Maybe if you can clarify. Also, just a final question in Oman. When do you expect the third player to enter and to start operating? Is it third quarter or fourth quarter? If you have any sense on that. Thank you. I can answer that question. The VAT is live right now in Oman since 16 of April. That's in regard to the VAT. In regard to the tower deals of the 5G and the licensing, we have paid that already. Yes, there is a commitment to the regulator over there to build approximately, if I'm not mistaking, the number of towers. I don't have the number of towers, but yes, there is a plan to do that. In term, what was your third question? The timing of the new entrants. The timing of new entrants, as per the latest update, will be on the quarter four of this year. Maybe just some additional information just to clarify. VAT is in place, and we have implemented that in our pricing system, and we are actually ready to increase our prices by 5%. No. The 5% being pushed to the customer. The price is. Yeah, exactly. Yes. Yeah. It's cash neutral there. Of course, we have to see how the customer behavior reacts to that, but that's the situation there. With regards to the spectrum fees, we paid OMR 7.5 million already. We have to pay an annual fee of approximately OMR 1 million for that. Thank you. That's very clear. I see we have Mohammed Siraj in the list. Mohammed, you can raise your question. Hello? Yeah, it's Ziad. Yeah, we can hear you. I just had one more follow-up question on Iraq. With regards to the QAR 234 million license payment, was this entirely paid from cash in Asiacell, or did we see some downstreaming from Qatar to that subsidiary? Is it a bullet payment? Is it going to be an installment? It seems that the net debt to EBITDA increased because of this, so I assume it was a one-time payment. On Iraq, since we're discussing this market now, why did we see the QAR 200 million FX loss and dividend receivables from that entity back in Q4? Is there any issues in repatriating cash generated in Iraq? Is this improving now, and if so, why? Since it's a historical one, would you like me to take it, Abdulla? Sure. The historical effects loss was because of the devaluation done by the central bank in quarter four last year. We have dividends receivable still from Iraq. You'll recall that about four years back, we were not able to upstream dividend. From 2017 onwards, we've been doing that on a regular basis, but still there is some amount still available for us to upstream. The un-upstream part had an impact for us because of the devaluation. We are continuing to upstream dividends on a regular basis. The amount will take maybe a year or two to deplete completely with the current rates that we see. The payment, of course, for QAR 234 million was done completely from Ooredoo itself. They had all the cash. They were prepared for that. It was a bullet payment done in the beginning of this year. Okay. That's very clear. Thank you. One more question. When it comes to 5G coverage in Qatar, are we now at full coverage, or do you expect more CapEx deployments toward that? Is it possible to give us an indication on the normalized CapEx intensity we can expect, and potential one-offs in preparation for the World Cup? In Qatar, we are at almost 99% coverage of the populated area. In terms of the CapEx, we're always in guidance of the board and of the ratio between 15%-20% of the revenue. We always have been mind and top priority is to provide the best infrastructure and connectivity for our customers throughout the country, and also being prepared for the big event in 2023, FIFA World Cup. Okay. What about the World Cup preparation? Could we see a one-off investment, material investment, or for that matter, any potential ICT business sizable revenues? Yeah. There is always ongoing investment hand in hand with the Supreme Committee for Delivery & Legacy of the FIFA World Cup. We also have our big joint deals with blue-chip company like Microsoft and Google that really enhance the infrastructure of being a digital partner and having a digital hub of the country, as well as providing a very well-prepared infrastructure for the country, and also that's helping FIFA World Cup. We have always ongoing investment. There is still, we can see a bigger investment in regard of the FIFA World Cup preparation. What I've just mentioned about a new hub being possible, being a digital country and helping that for a very robust infrastructure for also the customers, B2C and B2B. Great. Thank you. Thank you very much. We have one more audio question. Jessica, if you could open up the microphone for Varuna. Hi. Thank you very much, gentlemen. I have a couple of questions. First question is related to margins. Since we have seen a healthy improvement in EBITDA margins in first quarter 2021, how can we think about the sustainability of this margin through the rest of the year? If you can see if the margins are not been able to sustain, what would be the headwinds for margins going forward? If you can answer that question, I'll ask the follow-up question. In terms of Please, go ahead. Abdulla, go ahead if you want. Go ahead. I said, in terms of margin, as you highlighted, Q1 is pretty exceptional if you're looking at 6% post effects or 9% margin expansion, EBITDA margin. There are some one-off items in there. We're not revising our guidance for the year. Predicting the year especially that we still have uncertainty due to COVID-19 is hard, where we think we could see a conservative view of margin is between 2%-3% expansion. That's quite helpful. Second question is on Iraq. Since you have taken a hit from the devaluation, what is the possibility going forward for you to increase prices in your various plans to offset this impact? Well, currently we are having help from McKinsey, okay, to reevaluate our marketing strategy. We are expecting that we'll turn around and do a better job, inshallah, in the coming months, because we are focusing on the market strategy to launch and to modify certain products to contribute, as you say, to the devaluation of the currency. Overall, to improve the top line. All right. Thanks a lot, gentlemen. Thank you. Great. Maybe I read one of the typed questions here. Omar Maher from EFG is asking: what are your turnaround plans in Kuwait to counter the revenue decline? This is bearing in mind that stc Kuwait's revenue did not decline as much as Ooredoo's in first quarter 2021. Let me take that question. In Kuwait, if we compare stc to Ooredoo, both drop, but the percentage in Kuwait is 7% and stc is around, I think 6% year-on-year. In EBITDA, both increased and that really you can see we have a very well plan when it comes to the EBITDA and cost optimizations. That's based on the numbers that we have recently published. If I take what is the plan or the counter, or what is the counter, let's say, plan for the revenue decline. We have a robust plan in Ooredoo Kuwait, and that's driven by our group strategy that has four pillars and two of the four pillars are the improving and enhancing our core. That's through, honestly, a very smart investment of 5G recently. We have done a very smart and good investment in 5G and trying to monetize that by providing a very innovative and creative product and offers by having solutions and basically, honestly, having more content and giving more value for money. That can help you for uplifting your prices. As well as we are taking an advantage also having our subsidiary, FASTtelco, which is the fixed arm, having that infrastructure to help us, honestly, targeting and entering a segment of fixed and B2B in a very enhanced and allocated or let's say overall portfolio that can provide our customers for fixed and mobile, either B2C or B2B. That were part of the one-stop-shop strategy by Ooredoo Kuwait. On top of that also, we have a pillar of group strategy, refresh strategy in 2022 and 2021 is the digital. That's where Ooredoo Kuwait is really working hard for providing a very solid digital journey. That's through also a first digital product in its kind, launched in Kuwait called Ana. That's something we are really relying on Ooredoo Kuwait to capture a better market by having a digital product and services. That will of course, bringing more efficiency and less cost when it comes also to customer acquisitions. These are a robust plan that we are having to counter the decline in the revenue and also EBITDA. Having said that, we have seen an obvious performance of Ooredoo Kuwait of enhancement on EBITDA margin, and that's standing at 28% despite the drop in the top line. That's always we have seen, sorry, that continuing quarter-on-quarter until quarter four. In quarter one, we have seen a very good move in Ooredoo Kuwait and also in the market where there has been some, let's say, positive or recovery of the COVID-19. Still the country is suffering from the lockdown, but that all operators are already suffering from. We are always looking into more efficiency and a new way or digital ways and new innovative ways of enhancing our top line and looking to do a very proper smart segmentation as well. Thank you very much, Sheikh Mohammed. We have one more question from Ziad. I just read it out here. Is there a scenario where the merger with Hutch will see Ooredoo forego control of the merged entity and no longer consolidate? What is the reason for the delay? Is it price related or structural? I'll take this one. Ziad, as you appreciate, we can't comment on the merger terms till they're inked, signed, and executed. At that point, we'll disclose them completely. For the time being, it's too premature to disclose. The reason of the delay, actually, merger discussions are advancing very well. As you appreciate, it's a complex transaction where you want to lay out plans and detail as much as you can pre-merger in terms of a merger plan, in terms of synergies, management, cost optimization, et cetera. This is quite a hefty work. Due to travel restrictions in Indonesia and COVID, we've suffered a bit of delay in the due diligence exercise. We're very confident that we will get to successful transaction within the revised timeline. Thank you very much, Aziz. I'm afraid there's not much more that we can say about it at this stage. We have one follow-up. Can we please get color on mobile? Any plans to introduce microfinance remittance services? Details on the partnership with MoneyGram, the penetration of this and outlook. I'll take just a high level and then maybe someone to detail. MFS is a core part of our strategy. If you look at a lot of the markets we operate in, actually are underbanked. In countries, bank credit card penetration rates below 20%. MFS pillar, which we're trying to develop across all our markets as fast as possible, and we've been very successful to this. Depending on each jurisdiction regulation, we need to sometimes partner with some local financial providers or international ones, and also for technological reasons. More details on MoneyGram, I'll let someone take that. Yeah, I think I can take that. We have a very successful journey, specifically with Ooredoo Qatar, when we see a big spike on money remittance and that during the pandemic. That's successfully with our partner, MoneyGram. We always see this as part of our digital journey. As he's also said, our MD, always a big part of digital journey is the entertainment, eGaming, and also the financial service. Ooredoo Qatar is leading as one of the OpCos into that journey as well. Great. Thank you very much. I think that answers the question for Ziad. I don't see any more questions in the typed area. Do we have any more audio questions? If there are no further questions, I would like to thank you all for joining today's call. Please refer to the Ooredoo investor relations website for further updates and additional information. Do follow us on Twitter at Ooredoo IR. Feel free to contact the Investor Relations team for any follow-up questions that you might have. We're looking forward to your future participation at either the Arqaam or the BofA conference or at our next quarterly call with the first half results at the end of July. Please do check out our new ESG report and do remember us for the Institutional Investor vote. That is valid only for the equity investors and analysts, not for retail investors, not for Ooredoo staff, and also not for the debt investors. They have a separate survey. Thank you very much for your participation. That concludes our call for today. Thank you. Thank you, everyone.