Saudi TAWAL Raises $1.42 bln to Buy European Towers from United Group

Saudi TAWAL Raises $1.42 bln to Buy European Towers from United Group
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Saudi TAWAL Raises $1.42 bln to Buy European Towers from United Group

Saudi TAWAL Raises $1.42 bln to Buy European Towers from United Group

Saudi Arabia's TAWAL raised $1.42 billion in Islamic financing to fund the acquisition of the mobile telecommunications infrastructure unit of United Group in Bulgaria, Croatia and Slovenia, parent Saudi Telecom Company (STC) said on Sunday.
TAWAL agreed in April to buy tower infrastructure worth 1.22 billion euros ($1.34 billion) from United Group in its first foray into Europe's telecoms market.
STC in a regulatory filing said a shariah-compliant bank loan funded the deal, which received necessary approvals and was completed on Aug. 24, according to Reuters.
Saudi National Bank, the kingdom's biggest lender contributed $1.02 billion, of which $300 million was a bridge loan.
Dubai Islamic Bank and First Abu Dhabi Bank contributed $250 million and $150 million respectively.
STC said the financial impact of the transaction will be reflected in its third-quarter earnings.



Saudi Arabia, Djibouti Sign Agreement to Promote, Safeguard Investments

The event is being held under the patronage of Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud - SPA
The event is being held under the patronage of Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud - SPA
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Saudi Arabia, Djibouti Sign Agreement to Promote, Safeguard Investments

The event is being held under the patronage of Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud - SPA
The event is being held under the patronage of Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud - SPA

Saudi Arabia and Djibouti have signed an agreement to encourage and protect mutual investments, marking a significant step in enhancing economic cooperation between the two nations.
The agreement was signed by Saudi Minister of Investment Khalid Al-Falih and Djiboutian Secretary in Charge of Investment and Development of the Private Sector Safia Mohamed Ali Gadileh during the 28th World Investment Conference in Riyadh, SPA reported.

The event is being held under the patronage of Prince Mohammed bin Salman bin Abdulaziz Al Saud, Saudi Crown Prince and Prime Minister.
Both officials praised the agreement, emphasizing its importance in fostering collaboration between the private and government sectors of both countries. They highlighted the agreement’s role in supporting the ambitious investment initiatives currently being pursued by the Kingdom and Djibouti.
The agreement is designed to create a secure and attractive investment environment by offering key advantages such as investment protection, national treatment, fair and equitable treatment, transparency, and access to national courts or international arbitration for dispute resolution.
By ensuring these safeguards, the agreement aims to increase the volume of mutual investments across various sectors and strengthen economic ties between the two nations.