Finance Aluminium producer Talco announces Saudi IPO Aluminium producer Al Taiseer Group Talco Industrial Company (Talco) is the latest entity to reveal initial public offering (IPO) plans in Saudi Arabia. The Riyadh-based company, which was set up in 2009, is offering 12 million shares, a 30 percent stake, on the Saudi Exchange (Tadawul) at a nominal value of SAR10 ($2.67) per share. […] May 17, 2024
Logistics Abu Dhabi’s ADIA invests in Indian warehouses The Abu Dhabi Investment Authority (ADIA) and the US-based private equity firm KKR have invested INR 12,000 crore ($1.5 billion) in India’s Reliance Retail Ventures’ warehousing assets. Both companies have invested equal amounts in Reliance Logistics and Warehouse Holdings (RLWH), The Economic Times, an Indian financial daily, reported, citing informed sources. RLWH was established in […] May 3, 2024
Real Estate Ultra-luxe villas tipped to revive interest in Dubai’s The World Amali Properties plans to build 24 homes in the South American section of the island development May 2, 2024
Infrastructure Report links e& to acquisition of $8.6bn Dutch telco The UAE’s e&, formerly known as Etisalat, is planning to acquire Dutch telecom operator United Group BV as part of its overseas expansion strategy, according to a media report. The Abu Dhabi-listed company has been evaluating a possible purchase of United Group, Bloomberg reported, citing informed sources. Private equity firm BC Partners, the current owners […] May 1, 2024
Banking and Finance Qatar’s Ooredoo profit falls despite 4% rise in revenue Qatari telecoms group Ooredoo reported a 5 percent year-on-year decline in net profit to QAR913 million ($250.7 million) in the first quarter of 2024 The topline rose 4 percent to nearly QAR6 billion during the three-month period, compared to QAR5.6 billion a year ago, driven by gains in Iraq, Algeria, Kuwait, Maldives and Tunisia. NewsletterGet the […] May 1, 2024
EXCLUSIVE Tech Batelco in talks to trial 6G technology in Bahrain Bahrain telecommunications giant Batelco is in talks to trial 6th generation (6G) connectivity as the kingdom attempts to cement its position as a technological leader in the region. The island kingdom is among the first countries to have a comprehensive 5G network coverage in most urban areas, with more than 95 percent coverage courtesy of […] April 26, 2024
Infrastructure STC and PIF to bid for Austrian telco tower operator Saudi Arabia’s STC Group and the Public Investment Fund (PIF), the kingdom’s sovereign fund, are likely to jointly bid for the Austrian unit of Cellnex, Spain’s mobile phone tower operator, El Economista newspaper reported. The Austrian unit, owning 4,500 towers, is estimated to be valued at €800 million ($857 million), the newspaper said, quoting unnamed sources. Cellnex’s […] April 26, 2024
People & Lifestyle Cairo has most billionaires in Africa, but wealthy are leaving Cairo is home to more billionaires than any other African city, but Egypt is facing an exodus of its wealthiest citizens. The international wealth advisory firm Henley & Partners said Cairo is home to four billionaires, and 30 centi-millionaires – those worth $100 million or more. Most reside in affluent parts of Greater Cairo, including […] April 25, 2024
Industry Tawal merger to create giant Saudi telecom towers company 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 […] April 22, 2024
Opinion Markets Middle East escalation would have severe market implications Energy market disruption would be substantial and global oil supply would contract by around 6% April 19, 2024
Analysis Economy The banking blame game stifling Lebanon’s IMF deal Lebanon’s proposed International Monetary Fund deal, agreed two years ago and designed to put the country on the road to recovery, seems no closer to realisation. One of the key stumbling points is reform of the banking sector. The combined liabilities of the country’s banks amount to more than three times the size of Lebanon’s […] April 15, 2024
Infrastructure Iraq and Kuwait team up for European telecom corridor Iraq’s Informatics and Telecommunication Public Company, a division of the Ministry of Communications, has signed an agreement with Kuwait’s Zajil Telecom to create a telecommunications corridor from the Gulf region to Europe, transiting through Iraq and Turkey. The new route will pass through Iraqi sea and land ports. Iraq’s minister of communications Hayam Al-Yasiri said […] April 14, 2024
Banking and Finance Saudi Telecom’s pay app to offer full banking service State-owned Saudi Telecom’s pay app has received central bank approval to become a fully fledged digital bank. Part of the kingdom’s fintech expansion strategy, the new STC Bank will offer traditional and Sharia-compliant services fully aligned with the international banking system. The service will be available to a small test group in the coming months […] April 5, 2024
Tech Abu Dhabi’s E7 signs international security contracts An Abu Dhabi printing and security provider has signed contracts to supply identity cards and driving licences to three countries in Africa and Latin America. E7 Group said in an ADX bourse filing on March 26 that it had signed contracts valued at AED 13 million ($3.5 million) to manufacture and supply the identification cards […] March 26, 2024
Construction Nakheel and Meydan merge with Dubai Holding Two of Dubai’s largest state-backed developers – Nakheel and Meydan – will merge into Dubai Holding, the investment vehicle of Dubai’s Ruler Sheikh Mohammed bin Rashid Al Maktoum, to create a new global economic entity. Nakheel and Meydan will become part of Dubai Holding under the leadership of Sheikh Ahmed bin Saeed Al Maktoum, with […] March 17, 2024
Opinion Economy The stars are aligned for Oman’s economic resurgence The sultanate could command a healthy share of the Gulf's IPO surge in the next two years March 15, 2024
Banking and 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
Energy Saudi Electricity profit falls 32% on higher funding costs Saudi Electricity Company, 75 percent-owned by the sovereign Public Investment Fund, said its net profit fell 32 percent year on year in 2023. The company said this was a result of rising financing costs and additional capital expenditure. The utility provider reported a profit of SAR10 billion ($2.7 billion) in the previous 12 months, compared […] March 7, 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
Banking and Finance Zain KSA profit at $347m as revenue reaches record high 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. Gross profit increased 10 percent year on year to SAR541 […] March 4, 2024
Tech Ericsson and Turkcell to lead 6G research in Turkey Swedish telecom company Ericsson and Turkish operator Turkcell will begin advancements on research and development of 6G in Turkey. The sixth-generation wireless network will use higher frequencies than its predecessor 5G and provide substantially higher capacity and much lower latency. The advent of 6G networks holds promise of faster connectivity in various sectors including wireless […] February 28, 2024
Infrastructure Ooredoo to spend $1bn upgrading overseas networks Qatari telecoms group Ooredoo is to spend $1.1 billion upgrading its mobile coverage and quality of servies in a number of key overseas markets. Over the period 2024-26, the company will allocate substantial sums to improve connectivity in Algeria, Tunisia, Gaza and the West Bank, Iraq and the Maldives. Ooredoo’s operations in Gaza have been […] February 27, 2024
