Company Insights Saudi Telecom Company Telecoms Saudi Telecom Company News Banking & Finance Gulf wealth funds put investing in US well ahead of China Most sovereign wealth funds in the Gulf remain heavily invested in the US, while China represents a much smaller part of their portfolios, data from the consultancy Global SWF shows. The data also shows that the portfolios of Gulf sovereign wealth funds vary widely in terms of their geographical distribution. This is partly a result […] March 8, 2024 Tech Amazon to invest $5.3bn in data centres in Saudi Arabia Amazon Web Services (AWS), the cloud division of Amazon, is to invest $5.3 billion (SAR20 billion) in establishing data centres in Saudi Arabia. The move will allow customers to run workloads and securely store customer content within the kingdom, as well as offer high-speed access to users. “Today’s announcement supports Saudi Arabia’s digital transformation with the […] March 5, 2024 Markets Saudi Arabia prods blue chips to list more shares Saudi Arabia is prodding blue-chip companies on its stock exchange to offer more shares to the public as part of a drive to become a global financial centre. Abdullah Binghannam, deputy head of financing and investment at the kingdom’s Capital Market Authority, told a markets forum in Riyadh on Tuesday that a regulatory framework was […] February 21, 2024 Industry STC proposes special dividend of $1.3bn for 2023 The board of directors at Saudi Telecom Company (STC) has proposed a special dividend for 2023 after the company’s profit rose nine percent year on year. The proposed special dividend payout will total almost SAR5 billion ($1.33 billion) or SAR 1 per share, subject to shareholders’ approval. In addition, the company announced a cash dividend […] February 20, 2024 Markets Emirates NBD tops Gulf dividend yield rankings Emirates NBD, Dubai’s largest bank, has so far topped the Gulf list of dividend yield pay-outs awarded to shareholders in 2023, Refinitiv data shows. The government-controlled lender, whose shares are up 27 percent in the past 12 months, provides a dividend yield of 6.9 percent based on its closing stock price of February 8. The […] February 9, 2024 Tech UAE’s e& to anchor subsea cable for global connectivity The 2Africa subsea cable, the world’s largest subsea cable, is to be anchored in the UAE by e& Carrier & Wholesale, a subsidiary of the UAE telco e& (formerly Etisalat). Kalba in Fujairah will be the gateway for the subsea cable to the emirate, where e& already has an existing cable landing station. The 2Africa consortium, which […] February 6, 2024 Tech STC unit buys 40% stake in Devoteam Middle East Arabian Internet and Communications Services Company – known as Solutions and a wholly-owned subsidiary of Saudi Telecom Company – has acquired a 40 percent stake in regional IT consultancy company Devoteam Middle East for AED 726.3 million ($197.74 million). The stake buyout comes in line with Solutions’ strategy to expand into new business lines and markets to enable […] February 5, 2024 Media & Advertising Saudi TV fights off the smartphone challenge Smart television is holding up as the main platform for accessing sports, news and entertainment in Saudi Arabia, despite the boom in streaming services that can be watched on smartphones, a leading media researcher said this week. “In the past decade there was a lot of transformation in Saudi. New devices, behaviours and trends,” said […] January 30, 2024 Tech PIF bolsters investment in Alibaba-backed tech venture Saudi Arabia’s Public Investment Fund (PIF) will increase its investment in a technology venture backed by China’s Alibaba Group to $200 million, a news report said. Jada Fund of Funds, wholly owned by the PIF, is among several regional and Asian funds participating in eWTP Arabia’s upcoming $1 billion funding round, Bloomberg reported. The funding […] December 10, 2023 Tech STC rules out increasing Telefonica stake to 9.9% Saudi Arabia’s largest telecom operator STC Group will maintain a 4.9 percent stake in Spain’s Telefonica and has no plans to convert the five percent it holds in derivatives into voting shares, Spanish El Economista news outlet reported, citing informed sources. STC acquired a 9.9 percent stake in Telefonica for SAR8.5 billion ($2.25 billion) as […] October 31, 2023 Posts navigation Previous 1 … 3 4 5 … 7 Next
Banking & Finance Gulf wealth funds put investing in US well ahead of China Most sovereign wealth funds in the Gulf remain heavily invested in the US, while China represents a much smaller part of their portfolios, data from the consultancy Global SWF shows. The data also shows that the portfolios of Gulf sovereign wealth funds vary widely in terms of their geographical distribution. This is partly a result […] March 8, 2024
Tech Amazon to invest $5.3bn in data centres in Saudi Arabia Amazon Web Services (AWS), the cloud division of Amazon, is to invest $5.3 billion (SAR20 billion) in establishing data centres in Saudi Arabia. The move will allow customers to run workloads and securely store customer content within the kingdom, as well as offer high-speed access to users. “Today’s announcement supports Saudi Arabia’s digital transformation with the […] March 5, 2024
Markets Saudi Arabia prods blue chips to list more shares Saudi Arabia is prodding blue-chip companies on its stock exchange to offer more shares to the public as part of a drive to become a global financial centre. Abdullah Binghannam, deputy head of financing and investment at the kingdom’s Capital Market Authority, told a markets forum in Riyadh on Tuesday that a regulatory framework was […] February 21, 2024
Industry STC proposes special dividend of $1.3bn for 2023 The board of directors at Saudi Telecom Company (STC) has proposed a special dividend for 2023 after the company’s profit rose nine percent year on year. The proposed special dividend payout will total almost SAR5 billion ($1.33 billion) or SAR 1 per share, subject to shareholders’ approval. In addition, the company announced a cash dividend […] February 20, 2024
Markets Emirates NBD tops Gulf dividend yield rankings Emirates NBD, Dubai’s largest bank, has so far topped the Gulf list of dividend yield pay-outs awarded to shareholders in 2023, Refinitiv data shows. The government-controlled lender, whose shares are up 27 percent in the past 12 months, provides a dividend yield of 6.9 percent based on its closing stock price of February 8. The […] February 9, 2024
Tech UAE’s e& to anchor subsea cable for global connectivity The 2Africa subsea cable, the world’s largest subsea cable, is to be anchored in the UAE by e& Carrier & Wholesale, a subsidiary of the UAE telco e& (formerly Etisalat). Kalba in Fujairah will be the gateway for the subsea cable to the emirate, where e& already has an existing cable landing station. The 2Africa consortium, which […] February 6, 2024
Tech STC unit buys 40% stake in Devoteam Middle East Arabian Internet and Communications Services Company – known as Solutions and a wholly-owned subsidiary of Saudi Telecom Company – has acquired a 40 percent stake in regional IT consultancy company Devoteam Middle East for AED 726.3 million ($197.74 million). The stake buyout comes in line with Solutions’ strategy to expand into new business lines and markets to enable […] February 5, 2024
Media & Advertising Saudi TV fights off the smartphone challenge Smart television is holding up as the main platform for accessing sports, news and entertainment in Saudi Arabia, despite the boom in streaming services that can be watched on smartphones, a leading media researcher said this week. “In the past decade there was a lot of transformation in Saudi. New devices, behaviours and trends,” said […] January 30, 2024
Tech PIF bolsters investment in Alibaba-backed tech venture Saudi Arabia’s Public Investment Fund (PIF) will increase its investment in a technology venture backed by China’s Alibaba Group to $200 million, a news report said. Jada Fund of Funds, wholly owned by the PIF, is among several regional and Asian funds participating in eWTP Arabia’s upcoming $1 billion funding round, Bloomberg reported. The funding […] December 10, 2023
Tech STC rules out increasing Telefonica stake to 9.9% Saudi Arabia’s largest telecom operator STC Group will maintain a 4.9 percent stake in Spain’s Telefonica and has no plans to convert the five percent it holds in derivatives into voting shares, Spanish El Economista news outlet reported, citing informed sources. STC acquired a 9.9 percent stake in Telefonica for SAR8.5 billion ($2.25 billion) as […] October 31, 2023
