Saudi Arabia
PIF closes acquisition of Saudi tower company, TAWAL
Saudi Arabia’s Public Investment Fund (PIF) has announced the completion of its acquisition of a 51% stake in TAWAL. PIF plans to merge TAWAL, the tower subsidiary of Saudi Telecom Company (STC), with Golden Lattice Investment Company (GLIC), combining over 8,000 of GLIC’s sites with TAWAL’s 16,000 towers in Saudi Arabia. This merger, along with sites previously acquired from United Group in 2023, will result in a tower company with approximately 30,000 sites. There are rumors that Saudi Arabia’s third mobile network operator, Mobily, is also exploring options to bring its towers to market. If Mobily’s 11,000 towers were to join the portfolio, PIF’s investment could surpass IHS Towers, making it the 9th largest tower company in the world…Read more
PIF secures $7bn in investment financing
Saudi Arabia’s Public Investment Fund (PIF) has raised $7bn to finance future investments, with a strong focus on technology. The fund’s Murabaha credit facility, supported by a syndicate of 20 international and regional financial institutions, is part of the Kingdom’s new capital-raising strategy to diversify its funding sources—acting as a vehicle to drive transformative investments both globally and within Saudi Arabia. In a recent announcement, Saudi Arabia stated that it will require an estimated SAR 139 billion in 2025 to cover its budget deficit, which is crucial for the Kingdom’s development of giga-projects and smart city initiatives, in line with Vision 2030…Read more
Nokia and stc set new record for data transmission over long distances
Nokia and stc Group have completed the first 1Tbps long-haul field trial in the MEA region, marking a significant milestone in high-capacity data transmission. This advancement in technology will enhance network capacity, enabling faster, more efficient data transfer over long distances, and will greatly support the growing demands of AI and cloud services – aligning with Vision 2030’s digital transformation goals. The collaboration sets new standards for data centre interconnectivity in the region, positioning the Kingdom as a global leader in digital innovation…Read more
UAE
Abu Dhabi Global Market (ADGM) attracts $635bn in AUM
The international financial centre of Abu Dhabi, Abu Dhabi Global Market (ADGM), has announced a significant influx of global financial institutions entering the market, representing approximately US$635bn in assets under management (AUM)—a substantial increase from last year’s US$450bn. This surge is driven by major asset management firms, such as BlackRock, PGIM, and Nuveen, establishing operations in the Emirate. In recent years, ADGM has firmly positioned itself as a hub for foreign entrants. “The growing number of global financial leaders and innovators choosing ADGM is a testament to the trust they place in our infrastructure, robust regulations, commitment to excellence, and Abu Dhabi’s reputation as the world’s safest and most dynamic jurisdiction for asset and wealth management,” said H.E. Ahmed Jasim Al Zaabi, Member of Abu Dhabi’s Executive Council and Chairman of the Abu Dhabi Department of Economic Development (ADDED) and ADGM…Read more