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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
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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.

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Saudi-Ukraine Joint Business Council Poised for Major Trade Opportunities

Continental Farms Ukraine, owned by Saudi firm SALIC (Asharq Al-Awsat)
Continental Farms Ukraine, owned by Saudi firm SALIC (Asharq Al-Awsat)
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Saudi-Ukraine Joint Business Council Poised for Major Trade Opportunities

Continental Farms Ukraine, owned by Saudi firm SALIC (Asharq Al-Awsat)
Continental Farms Ukraine, owned by Saudi firm SALIC (Asharq Al-Awsat)

Saudi Arabia and Ukraine are looking to their revived Joint Business Council, set to be reestablished this year, to unlock economic, investment, and trade opportunities.
With Kyiv facing an energy crisis in the wake of its ongoing conflict, Riyadh is poised to step in and help meet its energy needs. In return, Saudi Arabia is seeking key food imports from Ukraine, including various types of meat and grains.
The two countries announced the revival of the council in a joint statement on Tuesday during Ukrainian President Volodymyr Zelensky’s official visit to the kingdom.
Both sides discussed the strength of their economic ties and underscored the importance of joint efforts to boost trade, which grew by 9% last year. They agreed on the need to overcome challenges hindering commercial relations.
Bilateral trade exceeded SAR 1.72 billion ($459.2 million) in 2023, with key exchanged goods including meat, edible offal, plastics and related products, live animals and animal products, as well as grains.
Experts believe Saudi Arabia and Ukraine are counting on their revived Joint Business Council to unlock significant economic opportunities.
They highlight Kyiv’s urgent need for energy, particularly natural gas, which it previously imported from Russia, while Saudi Arabia seeks to secure key food supplies, especially grains, from Ukraine.
Fadl Al-Buainain, a member of Saudi Arabia’s Shura Council, told Asharq Al-Awsat that the council will play a crucial role in boosting investment opportunities between the two countries. He noted that Ukraine will prioritize cooperation in Saudi Arabia’s energy sector, given its severe energy shortages following the Russia-Ukraine war.
Kyiv, he said, is particularly focused on securing gas supplies and may later explore collaboration on nuclear reactors and coal.
On the Saudi side, the kingdom is looking to invest in promising sectors aligned with its Vision 2030 goals, particularly those linked to strategic and food security, Al-Buainain said.
He emphasized that Ukraine has strong capabilities in meat, grain, and other food production, making it an attractive partner for Riyadh, which has already invested in Ukraine’s agricultural sector.
Al-Buainain also pointed to Saudi-Ukrainian partnerships in the defense industry and stressed that Kyiv will require extensive reconstruction and infrastructure development once the war ends—an area where both countries stand to benefit from enhanced cooperation under the revived business council.