Manufacturing Talks begin to set up Mena’s largest telco tower venture By Pramod Kumar July 25, 2023 Reuters The discussions seek to combine the 30,000 telecommunication tower assets owned by Ooredoo, Zain and TASC into a jointly owned independent tower firm Qatar’s Ooredoo, Kuwait’s Zain Group and UAE’s TASC Towers Holding have started talks to create one of the largest telecommunications tower companies in the Middle East and North Africa (Mena). The discussions seek to combine their 30,000 telecommunication tower assets in Qatar, Kuwait, Algeria, Tunisia, Iraq and Jordan into a jointly owned independent tower firm in a cash and share deal, the companies said in a joint statement. The parties plan to sign definitive agreements in Q3 2023. Chinese telco enters Gulf with Zain Omantel tie-up Gulf telcos nurse FX losses as foreign expansion sours Ooredoo’s PIF deal is the latest in the ‘big telco tower sell-off’ The “mega” tower company will continue to operate as an independent and standalone entity offering passive infrastructure as a service across the region. It intends to focus on operational efficiencies, synergies and carbon footprint reduction. “This transaction will create a potential shareholder value uplift for both Ooredoo and Zain through a more efficient capital structure,” the statement added. Both Ooredoo and Zain will retain their respective active infrastructure, including wireless communication antennas, intelligent software, and intellectual property with respect to managing their telecom networks. Ooredoo’s towers in Oman will follow a standalone process. Saudi-listed Mobile Telecommunication Company Saudi Arabia last year sold 8,069 towers to the sovereign Public Investment Fund for about $800 million. It sold 1,620 telecoms towers to IHS Holding for $130 million in 2020. Omantel sold 2,890 towers to Helios Towers for $575 million in 2021.