Analysis Retail Apple, HP and Dell lose market share in Gulf Apple, HP and Dell are losing market share in the Gulf, analysts have told AGBI, but their weakening position appears to be due to the allure of their rivals rather than a boycott of American brands. The region’s relatively wealthy, young and tech-savvy consumers are an attractive target for makers of smartphones, tablets and computers. […] December 3, 2024
Telecoms STC allowed to raise holding in Spain’s Telefonica Saudi Arabia’s STC Group has received the green light from the Spanish government to increase its stake in telecoms group Telefonica. The approval allows the Saudi telecom to raise its holding from 4.97 percent to 9.97 percent and appoint a board member, the company said in a statement to the Saudi bourse on Thursday. The […] November 29, 2024
Telecoms Vodafone gets licence to operate Iraq’s 5G network The Iraqi cabinet has approved a licence for Vodafone Global Telecommunications to operate the country’s first 5G network. The cabinet directed the ministry of communications to proceed with the project, state-run Iraq News Agency (INA) reported, citing a statement by the prime minister’s media office. Vodafone said it was discussing a role as an advisor in […] November 27, 2024
Telecoms Aramco unit seeks $1bn stake in US telecom software maker Aramco Digital, the wholly owned technology arm of Saudi Aramco, plans to invest $1 billion in Mavenir, a US-based telecom service provider, as part of its strategic push into the telecommunications sector. The Saudi investment is expected to secure a “significant minority” stake in Mavenir, valuing the US company at $3 billion, sources familiar with […] November 25, 2024
Telecoms PIF’s $1bn Saudi Telecom sale could be sign of things to come Saudi Arabia’s Public Investment Fund has offloaded a $1 billion stake in the kingdom’s former telecoms monopoly in a deal that could mark the start of further equity sales as government entities seek to raise money for infrastructure spending. In October, the International Monetary Fund lowered its GDP growth prediction for Saudi Arabia this year […] November 14, 2024
Telecoms Vodafone and Telecom Egypt sign $600m deal to push 5G Telecom Egypt and Vodafone Egypt have signed a series of infrastructure service agreements worth $609 million, including deals to prepare the country for the rollout of 5G. The agreements will enable Vodafone Egypt, the country’s largest mobile operator by market share, to use Telecom Egypt’s extensive infrastructure and fibre optic network. Amr Talaat, Egypt’s minister […] November 12, 2024
Telecoms First Saudi Arabia-to-Egypt subsea cable announced Mobily and Telecom Egypt have signed an agreement to lay the first subsea cable between Saudi Arabia and Egypt, the companies announced in a joint press statement on Monday. The new cable will connect the Red Sea resort of Sharm El Sheikh with the Saudi city of Duba. Egypt already has landing points for 18 […] November 5, 2024
Telecoms Revenue at e& rises as subscriber base grows The UAE telecommunications company e&, formerly known as Etisalat, said revenue rose 10 percent year on year in the third quarter of 2024 amid an increasing subscriber base. The top line for July to September reached AED14.4 billion ($3.9 billion), compared to AED13.4 billion a year ago. Net profit remained stable at AED3 billion in […] October 31, 2024
Telecoms UAE’s du quarterly profit hits three-year high Dubai-listed Emirates Integrated Telecommunications Company (EITC), the operator of du and Virgin Mobile brands in the UAE, said third-quarter net profit was the highest in three years thanks to solid topline growth and customer base expansion. Net profit rose 43 percent year on year to AED719 million ($196 million), as revenue rose 9 percent annually […] October 29, 2024
Telecoms UAE telco e& purchases slice of PPF in eastern Europe The UAE telecommunications company e&, formerly known as Etisalat, has completed its acquisition of 50 percent plus one share in the Czech PPF Group’s telecoms business in Bulgaria, Hungary, Serbia and Slovakia. The deal, which was approved by the European Commission in September, is valued at €2.15 billion ($2.3 billion), plus a potential earn-out of up […] October 25, 2024
Analysis Banking & Finance Japanese fund fails to deliver for Gulf investors Eight years ago next week Saudi Arabia became a founding investor in SoftBank’s Vision Fund, pledging $45 billion, and Abu Dhabi soon committed another $15 billion. The creator of the private equity fund, the world’s largest, was Japanese tech guru Masayoshi Son, who, at the time, predicted it would “accelerate the information revolution”. In October […] October 11, 2024
Telecoms Ooredoo’s $500m bond oversubscribed more than 3 times Qatar telecom company Ooredoo has raised $500 million from a bond sale as part of its $5 billion global fund-raising initiative. The 10-year unsecured bonds, issued by Ooredoo International Finance Limited, a wholly owned subsidiary, are listed on the Irish Stock Exchange. Priced with an annual coupon rate of 4.625 percent, the bonds achieved a […] October 10, 2024
Opinion Telecoms It is vital we protect the Gulf’s internet super-corridors There is an urgent need for the building of diverse terrestrial routes to bypass the Red Sea September 26, 2024
Telecoms e&’s PPF deal gets European Commission nod UAE telecommunications company e&, formerly known as Etisalat, said that the European Commission (EC) has approved the acquisition of Czech PPF Group’s telecoms business across four European countries. The extensive dialogue with the EC enabled the grant of foreign subsidies regulation (FSR) approval on an accelerated basis, three months ahead of the applicable legal deadline of […] September 25, 2024
Telecoms Iraqi telecoms firm loses appeal against $1.5bn corruption award A $1.5 billion decision against an Iraqi telecom operator and a prominent Iraqi businessman has been upheld by the International Court of Arbitration, part of the International Chamber of Commerce (ICC). The arbitrators found that Korek Telecom and its chairman and top shareholder, Sirwan Saber Barzani, had “participated in a corrupt scheme” to defraud the […] September 16, 2024
Telecoms Myanmar venture proves a big loss for Qatar’s Ooredoo Qatar’s Ooredoo sold its Myanmar mobile network for even less than it originally agreed, new figures reveal, as one expert suggested its multi-billion-dollar losses may also be higher than previously estimated. The new figures in the telecom operator’s latest financial statement shed further light on a market that was once touted as the last major […] September 1, 2024
Telecoms UAE telco e& buys Turkish tech company for $60m A wholly owned subsidiary of Abu Dhabi-listed e& – more commonly known as Etisalat – has acquired GlassHouse, a Turkey-based cloud solutions provider, for $60 million. The UAE telco’s subsidiary, e& enterprise, had signed an agreement with Mediterra Capital and individual shareholders in June. GlassHouse is an Istanbul-headquartered IT infrastructure services provider which serves 2,000 enterprises […] August 30, 2024
Analysis Telecoms Saudi Telecom’s share surge raises prospect of PIF stake sale Saudi Telecom Co’s surprise dividend increase announcement has propelled its stock to a 13-month high and increased the likelihood that majority shareholder the Public Investment Fund may sell some of its stake in the former telecom monopoly. On Sunday, STC said it would pay SAR0.55 ($0.15) per share each quarter for three years starting from […] August 28, 2024
Tech Saudi telco STC approves three-year dividend policy Saudi Arabia’s STC Group has announced its new three-year dividend policy, committing a payout of SAR0.55 ($0.15) per share every quarter, starting in Q4 2024 and running until Q3 2027. The decision is subject to approval by the shareholders and the date of the general assembly will be announced soon. The telecom operator may consider paying […] August 25, 2024
Analysis Telecoms Analysts question possible Adia bid for India telecoms group Abu Dhabi’s top sovereign wealth fund, Abu Dhabi Investment Authority (Adia), is among the preferred bidders for a minority stake in Vodafone Idea, a struggling Indian telecom company. However, analysts are warning that the deal makes little commercial or financial sense. Vodafone Idea is India’s third largest mobile operator, but has lost about 210 million […] August 20, 2024
Telecoms Chinese brands gain ground as Mena smartphone sales surge Economic stability and rising populations have fuelled a 20 percent year-on-year surge in the sale of smartphones in the Middle East and North Africa. Chinese brands have made significant gains on other, more established manufacturers. Smartphone shipments in the Middle East reached 11.5 million units in the second quarter of 2024. That was a 20 […] August 20, 2024
Analysis Telecoms Worst is over for Etisalat shares but don’t expect a rebound Shares in UAE blue-chip e& – more commonly known as Etisalat – have fallen by more than half from a 2022 peak as investors fret over difficulties related to some of the telecom operator’s foreign investments. Yet analysts believe these issues are now priced in and so the worst should be over for the stock. Etisalat […] August 19, 2024
