Banking & Finance Zain KSA profit at $347m as revenue reaches record high By Pramod Kumar March 4, 2024, 4:13 AM Polonio Video/Shutterstock The board of Saudi telecoms company Zain KSA has recommended a dividend payout of SAR449 million for 2023 Mobile Telecommunication Company Saudi Arabia (Zain KSA) more than doubled its profit in 2023 to SAR1.3 billion ($347 million). Revenues reached a record high of nearly SAR10 billion, rising 9 percent yearly, fuelled by growth in business-to-business, 5G, digital products, wholesale and fintech unit Tamam. Ooredoo’s 2023 profit reaches all-time high of $824m Gulf telcos sign deal to create $2bn tower company Kuwait’s Zain ups stake in UAE’s telco tower company Gross profit increased 10 percent year on year to SAR541 million due to growth in the high-margin segments. Ebitda declined to SAR3 billion due to the increase in operating expenses, which reached SAR951 million. Finance costs increased by SAR153 million due to rise in interest rates. Zain KSA paid all its financial debt obligations worth SAR2 billion last year. The telco’s board of directors also recommended a dividend payout of SAR449 million for 2023, subject to shareholders’ approval.
Economy Bahrain debt hits $48bn but analyst downplays spending fears Bahrain’s public debt has risen to almost BHD18 billion ($48 billion), according to its ministry of finance, but a banking expert has downplayed concerns over its spending. Bahrain, the smallest country in the GCC bloc of six with a population of almost 1.5 million people, has dwindling reserves of oil and gas. It is partially […] 2 hours ago
Construction Eagle Hills signs contract for Budapest redevelopment Abu Dhabi-based developer Eagle Hills has signed a real estate purchase agreement with Hungary to start work on transforming a rundown area of Budapest. The project, spanning an area of 100 hectares, will have a development cost of more than €12 billion ($12.3 billion), the developer said in a statement. The project is supported by the […] 17 mins ago
Finance Kuwait ministries free to increase public service charges Kuwait issued a decree on Sunday that will allow ministries to set charges for public services for the first time in 30 years. The decree, which abolishes a 1995 law, gives ministries authority to decide on fees and costs for public services, which will then be approved by the cabinet. The government aims to better […] 8 mins ago
Trade UK invests $5bn in Oman in 12 months The United Kingdom pumped more than $5 billion in foreign direct investment (FDI) into Oman in the 12 months from October 2023, maintaining its position as the biggest external investor in the country, official data shows. The UK’s cumulative stock of FDI in Oman was 13.7 billion Omani rials ($35.6 billion) by the end of […] 2 hours ago
