UAE telecoms and technology company e&'s digital transformation arm, e& enterprise, has completed the acquisition of Turkey-based digital firm GlassHouse, boosting its portfolio and allowing it to enter three markets in the competitive Middle East and Africa region.
The $60 million purchase, which was announced in June, marks the company's entry into Turkey, Qatar and South Africa, e& said on Thursday in a filing to the Abu Dhabi Securities Exchange, where its shares are traded.
That brings the e& group's operational presence to 34 markets, in which, the company provides the latest cloud and its associated managed services in key sectors such as banking and finance, backed by German software company SAP.
The acquisition boosts e&'s "value proposition by reinforcing our capabilities, adding vertical expertise and expanding into high-growth markets", said Salvador Anglada, chief executive of e& enterprise.
"This acquisition is another bold step in our journey to becoming a regional leader in end-to-end digital transformation.”
Istanbul-based GlassHouse is a major player in Turkey's cloud services sector, offering managed cloud, private sovereign cloud and SAP Infrastructure services to more than 2,000 companies in multiple geographies, according to the statement.
It is particularly active in the financial services sector, serving nine of the top 10 banks in Turkey, it added.
Enterprises and governments continue to embrace digital transformation as they prepare for the society and economy of the future, especially as more emerging technologies pave the way for more seamless and inclusive activity.
This has prompted the adaptation of these innovative technologies to streamline and optimise operations in order to expand consumer bases and add new revenue lines amid intensifying competition.
In the Middle East and Africa region, the sector has become highly competitive, with global investments flowing in – especially to the UAE and Saudi Arabia, the Arab world's two biggest economies – to bolster this strategy.
Digital solutions backed by robust infrastructure and consulting expertise have helped companies and users navigate through an end-to-end digital transformation journey. The growth in providing essential digital services has been a key driver in e& enterprise's aggressive expansion.
For e& enterprise, acquisitions have always been a focus: the broadening of its portfolio reflects the success of its strategy over the past years and has enabled it to grow both organically and inorganically, Mr Anglada previously told The National.
Among its most notable acquisitions are a majority stake in Dubai-based peer-to-peer lending platform Beehive and a 65 per cent stake in Bespin Global MEA, created as a joint venture company with South Korea's Bespin Global.
Digital transformation is also an enormous opportunity for both economies and businesses that provide related services.
Revenue in the Middle East and Africa digital transformation market is projected to surpass $217 billion by 2030, from an estimated $37.8 billion in 2023, growing at a compound annual rate of 28.4 per cent, latest data from Grand View Research shows.
The "robust portfolio" of e& enterprise, comprising "innovative strategies", will help GlassHouse clients "accelerate their digital transformation journey", said Alp Bağrıaçık, chief executive of GlassHouse.
As a group, e& has maintained a strong performance. For the second quarter of 2024, e&'s net profit jumped by more than a quarter year-on-year to nearly Dh3.2 billion ($861.8 million), as its subscriber base grew 5 per cent to almost 15 million, the company reported earlier this month.
Revenue hit nearly Dh14.1 billion in the three months ending June, up 3.5 per cent annually. The company’s board of directors also approved an interim dividend of 41.5 fils a share for the first half of 2024.
MEYDAN%20RACECARD
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UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
UAE players with central contracts
Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Things Heard & Seen
Directed by: Shari Springer Berman, Robert Pulcini
Starring: Amanda Seyfried, James Norton
2/5
MATCH INFO
Uefa Champions League, last 16, first leg
Tottenham Hotspur v Borussia Dortmund, midnight (Thursday), BeIN Sports
UAE currency: the story behind the money in your pockets
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
Results
5pm: Maiden (PA) Dh80,000 (Turf) 1,000mm, Winners: Mumayaza, Fabrice Veron (jockey), Eric Lemartinel (trainer)
5.30pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 2,200m, Winners: Sharkh, Pat Cosgrave, Helal Al Alawi
6pm: The President’s Cup Prep - Conditions (PA) Dh100,000 (T) 2,200m, Winner: Somoud, Richard Mullen, Jean de Roualle
6.30pm: Handicap (PA) Dh90,000 (T) 1,600m, Winner: Harrab, Ryan Curatolo, Jean de Roualle
7pm: Abu Dhabi Equestrian Gold Cup - Prestige (PA) Dh125,000 (T) 1,600m, Winner: Hameem, Adrie de Vries, Abdallah Al Hammadi
7.30pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m, Winner: AF Alwajel, Tadhg O’Shea, Ernst Oertel
8pm: Maiden (TB) Dh80,000 (T) 1,400m, Winner: Nibras Passion, Bernardo Pinheiro, Ismail Mohammed
How to report a beggar
Abu Dhabi – Call 999 or 8002626 (Aman Service)
Dubai – Call 800243
Sharjah – Call 065632222
Ras Al Khaimah - Call 072053372
Ajman – Call 067401616
Umm Al Quwain – Call 999
Fujairah - Call 092051100 or 092224411
Get inspired
Here are a couple of Valentine’s Day food products that may or may not go the distance (but have got the internet talking anyway).
Sourdough sentiments: Marks & Spencer in the United Kingdom has introduced a slow-baked sourdough loaf dusted with flour to spell out I (heart) you, at £2 (Dh9.5). While it’s not available in the UAE, there’s nothing to stop you taking the idea and creating your own message of love, stencilled on breakfast-inbed toast.
Crisps playing cupid: Crisp company Tyrells has added a spicy addition to its range for Valentine’s Day. The brand describes the new honey and chilli flavour on Twitter as: “A tenderly bracing duo of the tantalising tingle of chilli with sweet and sticky honey. A helping hand to get your heart racing.” Again, not on sale here, but if you’re tempted you could certainly fashion your own flavour mix (spicy Cheetos and caramel popcorn, anyone?).
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Last 10 winners of African Footballer of the Year
2006: Didier Drogba (Chelsea and Ivory Coast)
2007: Frederic Kanoute (Sevilla and Mali)
2008: Emmanuel Adebayor (Arsenal and Togo)
2009: Didier Drogba (Chelsea and Ivory Coast)
2010: Samuel Eto’o (Inter Milan and Cameroon)
2011: Yaya Toure (Manchester City and Ivory Coast)
2012: Yaya Toure (Manchester City and Ivory Coast)
2013: Yaya Toure (Manchester City and Ivory Coast)
2014: Yaya Toure (Manchester City and Ivory Coast)
2015: Pierre-Emerick Aubameyang (Borussia Dortmund and Gabon)
2016: Riyad Mahrez (Leicester City and Algeria)
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Isle of Dogs
Director: Wes Anderson
Starring: Bryan Cranston, Liev Schreiber, Ed Norton, Greta Gerwig, Bill Murray, Jeff Goldblum, Scarlett Johansson
Three stars
Batti Gul Meter Chalu
Producers: KRTI Productions, T-Series
Director: Sree Narayan Singh
Cast: Shahid Kapoor, Shraddha Kapoor, Divyenndu Sharma, Yami Gautam
Rating: 2/5
