Western Union, the world's largest provider of money-transfer services, bought a 15 per cent stake of Saudi Telecom Company's (STC) digital payment arm.
The US-based company is paying $200 million for the stake in STC Pay, a fully owned subsidiary of STC that offers various services including international remittances, local transfers to banks and facilitates payments for purchases. The deal values STC Pay at 5 billion Saudi riyals ($1.3bn).
"Proceeds of the deal will be used to finance STC Pay's capital in order to enhance its internal resources and support its strategic and expansion plans," the Saudi Telecom Company said in a statement to the Tadawul Stock Exchange on Sunday.
The financial impact of the deal is expected to be positive on the company and its operations in the long term, STC said.
STC also said it will inject 400m riyals to increase STC Pay’s capital to 1.45bn riyals upon the completion of the deal.
The parent company plans to inject a further 802m riyals into STC Pay in the event that a digital banking licence is obtained. STC Pay is the first licensed FinTech company by the kingdom's central bank and has more than 4.5 million users.
Saudi Arabia aims to reduce the dependence on cash and boost digital payments as part of its economy's modernisation plans.
Digital and contactless forms of payment have surged globally in the wake of the Covid-19 pandemic. The health crisis has spurred the growth of e-commerce and digital payments in the Middle East and North Africa as more consumers now opt to shop online.
STC is majority-owned by the kingdom's Public Investment Fund, which holds a 70 per cent stake in the telecom company.
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Director: Paul Weitz
Stars: Kevin Hart
3/5 stars
Also on December 7 to 9, the third edition of the Gulf Car Festival (www.gulfcarfestival.com) will take over Dubai Festival City Mall, a new venue for the event. Last year's festival brought together about 900 cars worth more than Dh300 million from across the Emirates and wider Gulf region – and that first figure is set to swell by several hundred this time around, with between 1,000 and 1,200 cars expected. The first day is themed around American muscle; the second centres on supercars, exotics, European cars and classics; and the final day will major in JDM (Japanese domestic market) cars, tuned vehicles and trucks. Individuals and car clubs can register their vehicles, although the festival isn’t all static displays, with stunt drifting, a rev battle, car pulls and a burnout competition.
The cost of Covid testing around the world
Egypt
Dh514 for citizens; Dh865 for tourists
Information can be found through VFS Global.
Jordan
Dh212
Centres include the Speciality Hospital, which now offers drive-through testing.
Cambodia
Dh478
Travel tests are managed by the Ministry of Health and National Institute of Public Health.
Zanzibar
AED 295
Zanzibar Public Health Emergency Operations Centre, located within the Lumumba Secondary School compound.
Abu Dhabi
Dh85
Abu Dhabi’s Seha has test centres throughout the UAE.
UK
From Dh400
Heathrow Airport now offers drive through and clinic-based testing, starting from Dh400 and up to Dh500 for the PCR test.
A Dog's Journey
Directed by: Gail Mancuso
Starring: Dennis Quaid, Josh Gad, Marg Helgenberger, Betty Gilpin, Kathryn Prescott
3 out of 5 stars
Results
57kg quarter-finals
Zakaria Eljamari (UAE) beat Hamed Al Matari (YEM) by points 3-0.
60kg quarter-finals
Ibrahim Bilal (UAE) beat Hyan Aljmyah (SYR) RSC round 2.
63.5kg quarter-finals
Nouredine Samir (UAE) beat Shamlan A Othman (KUW) by points 3-0.
67kg quarter-finals
Mohammed Mardi (UAE) beat Ahmad Ondash (LBN) by points 2-1.
71kg quarter-finals
Ahmad Bahman (UAE) defeated Lalthasanga Lelhchhun (IND) by points 3-0.
Amine El Moatassime (UAE) beat Seyed Kaveh Safakhaneh (IRI) by points 3-0.
81kg quarter-finals
Ilyass Habibali (UAE) beat Ahmad Hilal (PLE) by points 3-0
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Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi
Yadoo’s House Restaurant & Cafe
For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.
Golden Dallah
For the cappuccino, luqaimat and aseeda.
Al Mrzab Restaurant
For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.
Al Derwaza
For the fish hubul, regag bread, biryani and special seafood soup.
