Zain KSA, Saudi Arabia’s second-largest telecoms company, has completed a deal to sell a stake in its tower infrastructure for more than 3 billion Saudi riyals ($805 million).
As part of the deal, Zain KSA has sold at least 3,000 towers, out of the total of 8,069 towers, to Golden Lattice Investment Company (GLIC), which is owned by the kingdom’s sovereign wealth fund, the Public Investment Fund, Zain KSA, Prince Saud bin Fahad and Sultan Holding Company.
The ownership of the remaining towers will be transferred in batches within the next 18 months, Zain KSA said on Monday in a filing to the Tadawul stock exchange, where its shares are traded.
However, the company will retain ownership of all other equipment, from wireless communication antennae to software and technology.
The PIF, Saudi Arabia's sovereign wealth fund, holds a 60 per cent stake in GLIC while 20 per cent is owned by Zain KSA. Sultan Holding Company and Prince Saud bin Fahad hold 10 per cent each.
The transaction was first approved in February last year.
“Zain KSA will use the proceeds of the assets sale to maximise the benefit for its shareholders through a combination of debt reduction and the funding of its investment and its core business,” it said.
Zain KSA is the Saudi unit of Kuwait-based telecoms operator Zain Group.
The company also said the latest deal will result in an expected net profit of up to 1.1 billion riyals. It will be realised “over the period of transferring ownership of the towers in batches within a period not exceeding 18 months”.
The PIF plays an integral role in the kingdom's Vision 2030 plan, which seeks to diversify the Arab world's largest economy and reduce its reliance on oil.
In a five-year strategy that was announced in 2021, the fund aims to more than double the value of its assets under management to $1.07 trillion and commit $40 billion a year to develop the domestic economy until 2025.
The fund, chaired by Saudi Crown Prince Mohammed bin Salman, has stakes in global companies such as ride-hailing company Uber and is a cornerstone investor in SoftBank’s vision fund that invests in global technology companies.
In October, the PIF said it plans to invest 90 billion riyals in the broader Mena region to expand its portfolio of assets and boost regional economies.
THE%20SWIMMERS
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ESally%20El-Hosaini%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3ENathalie%20Issa%2C%20Manal%20Issa%2C%20Ahmed%20Malek%20and%20Ali%20Suliman%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%3C%2Fp%3E%0A
Ireland (15-1):
Ireland (15-1): Rob Kearney; Keith Earls, Chris Farrell, Bundee Aki, Jacob Stockdale; Jonathan Sexton, Conor Murray; Jack Conan, Sean O'Brien, Peter O'Mahony; James Ryan, Quinn Roux; Tadhg Furlong, Rory Best (capt), Cian Healy
Replacements: Sean Cronin, Dave Kilcoyne, Andrew Porter, Ultan Dillane, Josh van der Flier, John Cooney, Joey Carbery, Jordan Larmour
Coach: Joe Schmidt (NZL)
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
The bio
Favourite food: Japanese
Favourite car: Lamborghini
Favourite hobby: Football
Favourite quote: If your dreams don’t scare you, they are not big enough
Favourite country: UAE
Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
