Skip to content Skip to Search
Skip navigation

UAE telco e& ups stake in Vodafone Group to 11%

Person, Table, Furniture Creative Commons
Emirates Telecommunications Group Company first bought a 9.8 percent stake in Vodafone in May for $4.4 billion

UAE telecommunications major Emirates Telecommunications Group Company (e&) has increased its stake in Britain’s Vodafone Group.

The state-owned telco currently holds more than three billion shares in Vodafone, representing 11 percent of Vodafone’s issued share capital, excluding treasury shares, it said in a statement published on the Abu Dhabi Securities Exchange (ADX).

In May, e& bought nearly 2.77 million shares, or a 9.8 percent stake, in the British telco, for $4.4 billion.

“The rationale of e&’s investment in Vodafone is unchanged from the original investment, as announced on 14 May 2022, which is to gain significant exposure to a world leader in connectivity and digital service at an attractive valuation,” the statement said.

The value of the latest acquisition was not disclosed.

The UAE-based telecom firm reported AED 13 billion ($3.5 billion) in consolidated revenue and AED 2.5 billion in net profit for the third quarter of 2022.

Latest articles

EGSH

Dubai launches one-stop hub to streamline government services

People in Dubai can now obtain an Emirates ID, register a company, open a bank account and more under one roof following the opening of the Emirates Government Services Hub (EGSH). Owned by Sheikh Mohammed Bin Maktoum Bin Juma Al Maktoum, a member of the Dubai Royal family, EGSH allows clients to access all essential […]

In association with
Thailand's consul general Kitinai Nutakul visits the Saudi Ministry of Foreign Affairs in Jeddah

Thailand opens investment office in Saudi Arabia

Thailand’s Board of Investment (BOI) is opening its first Middle East office in Saudi Arabia, signaling a deepening of economic ties between the nations after a longstanding diplomatic spat. The office will focus on attracting Saudi investment into Thailand’s targeted industries and supporting Thai entrepreneurs looking to invest in the region, the BOI said in […]

hajj saudi arabia

Saudia reports big rise in international passengers

Saudi Arabia’s national carrier Saudia reported a 24 percent increase in international passengers to 9.1 million in the first half of 2024. There was also a 13 percent rise in the number of flights. The Hajj pilgrimage in June played a large part in the growth.  The number of passengers flying on domestic routes rose […]

renewables target dam

World is off track to meet Cop28 renewables goal

The world is far from reaching its 2030 renewables target, the International Renewable Energy Agency (Irena) said on Thursday. Countries committed at the Cop28 summit in Dubai last year to treble renewables capacity in order to limit global warming to 1.5C. To stay on course global capacity growth needs to accelerate to a minimum rate […]