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iot squared Acquires Machinestalk to Reinforce IoT Technologies

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)
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iot squared Acquires Machinestalk to Reinforce IoT Technologies

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)

iot squared, a joint venture between Saudi Telecom Company and the Public Investment Fund, has signed a binding agreement to acquire 100 percent of technology company Machinestalk, which focuses on the Internet of Things.

This coincides with meeting the growing demand for IoT technologies in the Middle East and achieving the Kingdom’s vision to pioneer in digital transformation.

The acquisition will accelerate iot squared's growth and solidify its position as the leading provider of IoT solutions in the Kingdom.

iot squared aims to champion IoT adoption in the region by being a technology-neutral service provider with solutions elevating the smart industrial manufacturing sector, smart logistics transportation industry, and smart cities.

In a quest to expand its services and products, iot squared has signed 13 agreements since its establishment with the aim of accelerating the adoption of the latest IoT technologies in the Kingdom and region.

This acquisition is an expansion to reinforce the role of PIF in backing the accelerating growth of the digital economy in the Kingdom and that of stc in adopting advanced digital technologies and leading digital transformation in the region.

Commenting on the acquisition, Othman Al-Dahash, CEO of iot squared, said: “As we continue to strengthen our position as the national IoT champion, in line with our bold strategy, we are eager to play a pivotal role in supporting Saudi Arabia’s ambitions to lead the region’s digital transformation and adoption of emerging technologies.”

The acquisition will augment iot squared’s capabilities across the IoT value chain. Machinestalk’s applications complement iot squared’s three key verticals: smart cities, Industry 4.0, and smart mobility and logistics, through which the Company supports governments, enterprises, and SMEs across the MENA region, he added.

The acquisition represents an important milestone in the collaboration between PIF and stc as this reflects the major investment strategy in the products and services in ICT industry, including investments in digital clouds, cybersecurity, FinTech, and digital entertainment.

Machinestalk is one of the largest Saudi companies in the IoT domain, founded in 2015 as a subsidiary of NOMD Holding.

In April, the PIF and stc signed a partnership agreement to establish iot squared.

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Gold Steadies with Focus on US-China Talks, Fed Meeting

A saleswoman shows gold bangles to a customer at a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kolkata, India, May 3, 2022. REUTERS/Rupak De Chowdhuri/File Photo
A saleswoman shows gold bangles to a customer at a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kolkata, India, May 3, 2022. REUTERS/Rupak De Chowdhuri/File Photo
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Gold Steadies with Focus on US-China Talks, Fed Meeting

A saleswoman shows gold bangles to a customer at a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kolkata, India, May 3, 2022. REUTERS/Rupak De Chowdhuri/File Photo
A saleswoman shows gold bangles to a customer at a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kolkata, India, May 3, 2022. REUTERS/Rupak De Chowdhuri/File Photo

Gold prices held nearly steady on Tuesday as markets turned their focus to upcoming US-China talks and the Federal Reserve's policy decision.

Spot gold steadied at $3,313.63 per ounce, by 10:05 ET (14:04 GMT). Prices hit their lowest point since July 9 on Monday after a trade deal between the United States and European Union dampened safe haven demand for the yellow metal.

US gold futures was unchanged at $3,311.60.

"The lack of clear details and a defined outline of the announced trade deals... continues to keep market participants on edge," said Zain Vawda, analyst at MarketPulse by OANDA, Reuters reported.

Vawda added that a break below $3,300 could trigger a decline toward the $3,000 level in the medium term.

US and Chinese officials held more than five hours of talks in Stockholm on Monday aimed at extending their trade truce by three months, with discussions set to resume Tuesday.

Analysts note that recent US deals with the EU and Japan offered some relief, but talks with China remain far more complex and prolonged.

On the US interest rate front, the US central bank's two-day policy meeting kicks off later in the day, with rates widely expected to remain unchanged. Investors will closely scrutinize the Fed's commentary for any signals on the timing and pace of potential rate cuts ahead.

Markets are currently pricing in just under 50 basis points of rate cuts by year-end, with October seen as the most likely starting point, said Peter Grant, vice president and senior metals strategist at Zaner Metals.

However, dissent from two Fed members could shift expectations toward a September cut, which could potentially boosting gold, he added.

Gold tends to benefit in a low interest rate environment as the reduced yield on competing assets makes the non-yielding metal more attractive to investors.

Spot silver fell 0.5% to $37.98 per ounce, while platinum was steady at $1,389.85 and palladium slipped 1.2% to $1,232.67.