The Kuwaiti telecommunications operator Zain has reported third-quarter earnings that surpassed analyst expectations as the company moves closer to being taken over. Etisalat has offered to buy a 46 per cent stake in Zain for US$10.5 billion (Dh38.56bn). Kharafi Group, one of the largest private shareholders in Zain, is in the process of persuading enough of the operator's investors to approve the bid.
Zain reported net profits of 80.7 million Kuwaiti dinars (Dh1.04bn), a decrease of 58 per cent from the same quarter last year. The results, however, beat analysts' forecasts of 72.4m dinars. In its results, Zain included a one-time 770.3m dinar capital gain it received from Bharti Airtel from the sale of 15 of its African assets in June. Active subscribers across Zain's eight operations throughout the Middle East and Africa increased 25 per cent over the past year to 35.3 million.
"Several of our key markets are performing extremely well on many levels and are now reaping the rewards of the substantial network investments the company has made over the years," said Asaad al Banwan, the chairman of Zain. The operator highlighted its Saudi Arabian unit, which has become its largest sales earner with US$1.12bn (Dh4.11bn) in revenues for the first nine months of this year. If Zain's shareholders approve Etisalat's bid, the Saudi Arabia unit is likely to be sold off to avoid complications with the kingdom's telecoms regulators because the UAE operator already owns a mobile phone company in the country.
Zain also highlighted its success with its Iraqi unit, which reported revenues of $1.1bn and is the country's leading mobile operator with 11.8 million subscribers. The Iraqi unit is one of Zain's crown jewels and is highly coveted by Etisalat, which has tried unsuccessfully to enter the country's telecoms market several times. Representatives from both Zain and Etisalat declined to comment on the negotiations between the two operators.
COMPANY%20PROFILE%20
Padmaavat
Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
What is 'Soft Power'?
Soft power was first mentioned in 1990 by former US Defence Secretary Joseph Nye.
He believed that there were alternative ways of cultivating support from other countries, instead of achieving goals using military strength.
Soft power is, at its root, the ability to convince other states to do what you want without force.
This is traditionally achieved by proving that you share morals and values.
COMPANY PROFILE
Courses%20at%20Istituto%20Marangoni%2C%20Dubai
Jigra
On Women's Day
Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action
Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?
Samar Elmnhrawy: How companies in the Middle East can catch up on gender equality
The National Editorial: Is there much to celebrate on International Women's Day 2021?
Indian construction workers stranded in Ajman with unpaid dues
COMPANY%20PROFILE
Specs%3A%202024%20McLaren%20Artura%20Spider
Find the right policy for you
Don’t wait until the week you fly to sign up for insurance – get it when you book your trip. Insurance covers you for cancellation and anything else that can go wrong before you leave.
Some insurers, such as World Nomads, allow you to book once you are travelling – but, as Mr Mohammed found out, pre-existing medical conditions are not covered.
Check your credit card before booking insurance to see if you have any travel insurance as a benefit – most UAE banks, such as Emirates NBD, First Abu Dhabi Bank and Abu Dhabi Islamic Bank, have cards that throw in insurance as part of their package. But read the fine print – they may only cover emergencies while you’re travelling, not cancellation before a trip.
Pre-existing medical conditions such as a heart condition, diabetes, epilepsy and even asthma may not be included as standard. Again, check the terms, exclusions and limitations of any insurance carefully.
If you want trip cancellation or curtailment, baggage loss or delay covered, you may need a higher-grade plan, says Ambareen Musa of Souqalmal.com. Decide how much coverage you need for emergency medical expenses or personal liability. Premium insurance packages give up to $1 million (Dh3.7m) in each category, Ms Musa adds.
Don’t wait for days to call your insurer if you need to make a claim. You may be required to notify them within 72 hours. Gather together all receipts, emails and reports to prove that you paid for something, that you didn’t use it and that you did not get reimbursed.
Finally, consider optional extras you may need, says Sarah Pickford of Travel Counsellors, such as a winter sports holiday. Also ensure all individuals can travel independently on that cover, she adds. And remember: “Cheap isn’t necessarily best.”
Pathaan
Aston martin DBX specs
Engine: 4.0-litre twin-turbo V8
Transmission: nine-speed automatic
Power: 542bhp
Torque: 700Nm
Top speed: 291kph
Price: Dh848,000
On sale: Q2, 2020
COMPANY%20PROFILE
Company%20Profile
Diriyah%20project%20at%20a%20glance
Read more from Johann Chacko
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
Film: Raid
Dir: Rajkumar Gupta
Starring: Ajay Devgn, Ileana D'cruz and Saurabh Shukla
Verdict: Three stars
The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
COMPANY%20PROFILE
EA Sports FC 25
Publisher: EA Sports
Consoles: Nintendo Switch, PlayStation 4&5, Xbox One and Xbox Series X/S
Rating: 3.5/5
COMPANY PROFILE
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
MORE US ELECTION OPINION
David Frum: Trump's bungling of coronavirus will reshape US politics
Hussein Ibish: How will 'President Joe Biden' deal with the Middle East?
Raghida Dergham: Can Trump's coronavirus strategy help reboot his re-election bid?
While you're here
Aya Iskandarani: Debates on sovereignty and neutrality alive in Iraq and Lebanon
Robin Mills: Iran's deeper partnership with China is not all that it appears to be
Thomas Harding: US military ready for redeployment of troops to the Gulf
The specs
The specs
Engine: 3.8-litre twin-turbo flat-six
Power: 650hp at 6,750rpm
Torque: 800Nm from 2,500-4,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 11.12L/100km
Price: From Dh796,600
On sale: now
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
The specs
Neighbourhood Watch
On Women's Day
Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action
Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?
Samar Elmnhrawy: How companies in the Middle East can catch up on gender equality
Justin Thomas: Challenge the notion that 'men are from Mars, women are from Venus'
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.