Saudi PIF, stc Group Sign Agreements to Form Region’s Largest Telecom Tower Company

The new merged entity will boast approximately 30,000 mobile tower sites and will become one of the largest tower companies globally with estimated annual revenues of approximately $1.3 billion. (SPA)
The new merged entity will boast approximately 30,000 mobile tower sites and will become one of the largest tower companies globally with estimated annual revenues of approximately $1.3 billion. (SPA)
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Saudi PIF, stc Group Sign Agreements to Form Region’s Largest Telecom Tower Company

The new merged entity will boast approximately 30,000 mobile tower sites and will become one of the largest tower companies globally with estimated annual revenues of approximately $1.3 billion. (SPA)
The new merged entity will boast approximately 30,000 mobile tower sites and will become one of the largest tower companies globally with estimated annual revenues of approximately $1.3 billion. (SPA)

Saudi Arabia’s Public Investment Fund (PIF) and Saudi Telecommunications Company (stc Group) announced on Monday the signing of definitive agreements whereby PIF will acquire a 51% stake in Telecommunication Towers Company Limited (TAWAL) from stc Group.

TAWAL is the largest telecommunications infrastructure company in Saudi Arabia and one of the largest in the region, with an enterprise value of $5.85 billion per the agreement.

Subsequently, PIF and stc Group will consolidate TAWAL and Golden Lattice Investment Company (GLIC) – in which PIF holds a majority shareholding – into a new merged entity, forming the largest regional company in the telecommunication infrastructure sector, said a PIF statement.

The combined new entity will be owned 54% by PIF and 43.1% by stc Group, with GLIC minority shareholders owning the remaining issued share capital.

The transactions are expected to be completed in the second half of 2024 after obtaining all required regulatory approvals and satisfying other necessary conditions under the agreements.

Head of MENA Direct Investments at PIF Raid Ismail said: “Today's announcement is a significant milestone for the telecommunications industry in Saudi Arabia and the wider region. By bringing together the assets of GLIC and TAWAL, we will establish a consolidated platform on which the telecommunications sector can flourish and give people a better experience to best connect communities and businesses.”

“It is also in line with PIF’s strategy and the Saudi Vision 2030. Fast, reliable and accessible connectivity is a key enabler of growth and a cornerstone for the society, and these agreements mark a major stride towards a more interconnected digital future,” he stressed.

Group Chief Investment Officer of stc Group Motaz Alangari said: “These agreements are part of stc Group’s continuous endeavor to grow and maximize value in the most sustainable manner, by recycling capital while retaining ownership in strategic value-added assets to benefit from the return on these assets and enable expansion into new domains.”

“Today’s announcement is in line with stc Group’s strategy and the pivotal role that the group is playing in accelerating the digital transformation of society and the economy in Saudi Arabia and the region,” he went on to say.

“Combining TAWAL and GLIC is a stepping-stone to consolidating the Saudi tower market and driving further efficiencies and operational excellence to deliver superior experiences and value for customers,” he added.

The new entity is expected to significantly enhance consumer experience and network coverage, as well as improve connectivity and mobile internet speeds by consolidating Saudi Arabia’s tower assets. It will also deliver operational efficiencies, help drive wider innovation in the telecommunication sector across the region and globally, and support development of a more efficient and frictionless business environment.

The agreements mark PIF and stc Group’s ambition to integrate and strengthen the Saudi telecommunication infrastructure sector to unlock its consolidated potential. This follows TAWAL’s acquisition of infrastructure assets in Bulgaria, Croatia and Slovenia, making it the region’s largest independent tower company.

The new merged entity will boast approximately 30,000 mobile tower sites and will become one of the largest tower companies globally with estimated annual revenues of approximately $1.3 billion.

Today’s announcement aims to ensure the resilience and international competitiveness of a critical national digital infrastructure asset and aligns with the goals of Vision 2030. It also builds on PIF’s and stc Group’s strategy to enhance Saudi Arabia’s innovation capabilities as a globally competitive hub for the technology, media and telecommunication sector.



Maritime Disruptions Cast Shadow on Global Energy Security

A container ship passing through the Suez Canal (Suez Canal Official Website)
A container ship passing through the Suez Canal (Suez Canal Official Website)
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Maritime Disruptions Cast Shadow on Global Energy Security

A container ship passing through the Suez Canal (Suez Canal Official Website)
A container ship passing through the Suez Canal (Suez Canal Official Website)

As the world focuses on the Red Sea due to rising attacks on passing ships, experts warn of growing threats to the region's shipping lanes, which could impact global energy security.

Some link the disruptions to regional geopolitical changes, while others believe they are part of a planned strategy due to the area’s natural resources.

Recently, a commercial ship off Yemen’s coast issued a distress call after a missile attack.

This incident coincided with the first international conference on energy security through maritime safety kicking off in Cairo, organized by the Saif Bin Helal Center for Studies and Research in Energy Sciences.

The conference stressed that secure waterways are essential for energy exports and development.

“The region is unstable. Geostrategic, economic, and security challenges are mounting,” warned former Arab League Secretary-General and Egyptian Foreign Minister Amr Moussa at the opening of the conference.

“Disruptions in maritime routes threaten the stability, sovereignty, and wealth of nations. These are broad challenges, not just Red Sea issues—they’re reshaping global interests,” he added.

With this warning, he highlighted the ongoing turmoil in the Suez Canal, Bab el-Mandeb, and the Black Sea.

Moussa also warned about the risks of alternative routes being studied by various countries.

“These routes will serve specific national interests, not the security of international trade,” he cautioned.

On his part, Former Egyptian Petroleum Minister Osama Kamal stressed the vital role of the region’s waterways, especially with Gulf nations being major energy players worldwide.

He pointed out that without energy, there can be no development.

As the conference continued, British security firm Ambrey reported that a merchant vessel off the Yemeni coast took on water and tilted to one side after being targeted with three missiles.

The vessel issued a distress call stating it had sustained damage to the cargo hold and was taking on water approximately 54 nautical miles southwest of Yemen’s Hodeidah, Ambrey added.