Skip to content Skip to Search
Skip navigation

Tawal merger to create giant Saudi telecom towers company

Transmitter tower on the mountain of Sljeme in Zagreb – Tawal owns assets Croatia and elsewhere in Europe Alamy via Reuters
Transmitter tower on the mountain of Sljeme in Zagreb – Tawal owns assets Croatia and elsewhere in Europe

Saudi Arabia is creating a new telecommunications infrastructure company, which is expected to have 30,000 mobile tower sites and estimated annual revenues of $1.3 billion.

The new entity will be created following the merger of Tawal, the largest telecommunications infrastructure company in Saudi Arabia, and Golden Lattice Investment Company (GLIC), which is majority-owned by the Public Investment Fund, the kingdom’s sovereign wealth fund.



As part of the deal, the PIF will acquire Saudi Telecom Company’s (STC) 51 percent stake in Tawal, a STC subsidiary, for SAR 8.7 billion ($2.32 billion).

The new entity will be 54 percent owned by PIF and 43 percent by STC, with GLIC minority shareholders Prince Saud Bin Fahad bin Abdulaziz and Sultan Holding Company each owning stakes of nearly 1.5 percent. 

Tawal has an enterprise value of nearly $6 billion, while GLIC is valued at $807 million, STC said in a statement.

The Saudi-listed telecom company, which is majority owned by PIF, will inject SAR533 million in the new entity’s capital.

The transactions are expected to be completed in the second half of 2024 after obtaining the required regulatory approvals. 

Combining Tawal and GLIC is a “stepping-stone to consolidating the Saudi tower market”, said Motaz Alangari, group chief investment officer of STC.

Tawal owns infrastructure assets in Bulgaria, Croatia and Slovenia. 

Latest articles

Tourism to contribute $64bn to UAE’s economy in 2024

The tourism sector’s contribution to the UAE’s economy is expected to reach AED236 billion ($64 billion) in 2024, accounting for 12 percent of the overall GDP, a senior government official has said.  The sector contributed AED220 billion to the GDP last year, accounting for almost 12 percent of the overall economy, Khaled Al Midfa, chairman of Sharjah […]

Helmet, Adult, Male

Saudi Aramco’s $10bn share sale slated for next month

Saudi Aramco’s anticipated share sale is expected to take place next month, according to a media report. The offering is projected to raise nearly $10 billion and will be listed on the local stock exchange, Reuters reported, citing unnamed informed sources.  The sources said details may still change, but the process continues. In September 2023, […]

Indoors, Restaurant, Cafeteria

Hong Kong’s airport lounge operator targets Saudi expansion

Hong Kong’s airport lounge operator, Plaza Premium Group (PPG), has earmarked $100 million to expand across the Middle East, focusing on Saudi Arabia. The regional expansion is part of its three-year $300 million global expansion plan. The funds will be allocated to opening lounges, establishing an airport concierge service with white-glove service, opening innovative dining outlets and exploring […]

Russians Turkey Istanbul Bridge

Russians rush from Turkey as costs and restrictions bite

Rising costs, increased difficulties in obtaining residency permits and tighter enforcement of restrictions on the number of foreign nationals who can live in popular regions are prompting an exodus of Russian citizens from Turkey.  The number of Russian nationals holding Turkish residence permits has plunged to just over 96,000 as of May 16, down from […]