عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia Fully Acquires Awal Telecom in Pakistan

Saudi Arabia Fully Acquires Awal Telecom in Pakistan
TT
20
TT

Saudi Arabia Fully Acquires Awal Telecom in Pakistan

Saudi Arabia Fully Acquires Awal Telecom in Pakistan

TAWAL, the leading Saudi ICT infrastructure company and one of stc Group subsidiaries, its full acquisition of Awal Telecom in Pakistan.

The move, which is TAWAL’s first of its kind, is an initial step in the company’s international expansion outside Saudi Arabia.

The deal is to see AWAL rebranded as TAWAL Pakistan and form the launchpad of TAWAL’s operations in the country following the regulatory approval from the Pakistani authorities.

AWAL, a fully licensed operation by the Pakistan Telecommunications Authority, currently builds and operates in the country’s northwest region primarily.

Chief Executive officer of stc Group Olayan Alwetaid said: “We are very pleased of TAWAL’s entry into Pakistan market as one of stc Group subsidiaries. TAWAL is looking forward to fruitful partnerships with the country’s mobile network operators and meeting the demand for robust telecommunications infrastructure there."

“We believe that TAWAL is in a strong position to extend its footprint outside Saudi Arabia and are exploring opportunities in key markets regionally and globally.”

For his part, Cchief executive officer of TAWAL Mohammed Alhakbani said: “Pakistan is an exciting market with high growth potential, and TAWAL is looking forward to extending our digital transformation and ICT infrastructure development capabilities to the country."

With four major mobile network operators servicing 238 million people, Pakistan is the 5th most populous country after China, India, the United States and Indonesia (excluding the European Union).

The country currently has over 189 million cellular subscribers and 108 million-plus 3G/4G subscribers, with mobile voice and mobile broadband subscriptions having seen double-digit growth in recent years.

TAWAL owns over 15,500 telecom towers in Saudi Arabia. It operates in the Kingdom under a license to provide wholesale services for infrastructure that was issued by the Communications and Information Technology Commission in 2019.

Most Viewed

 
Business

Dollar Unmoored as Traders Unsure on US Tariffs 

US dollar banknotes are seen in this photo illustration taken February 12, 2018. (Reuters)
US dollar banknotes are seen in this photo illustration taken February 12, 2018. (Reuters)
TT
20
TT

Dollar Unmoored as Traders Unsure on US Tariffs 

US dollar banknotes are seen in this photo illustration taken February 12, 2018. (Reuters)
US dollar banknotes are seen in this photo illustration taken February 12, 2018. (Reuters)

The dollar was adrift on Wednesday, with weak US confidence data and concerns about the effect of sweeping tariffs on US growth putting the brakes on a recent bounce.

After briefly crossing below 150 yen, the dollar floated to 150.55 yen in the Asia session, but traders lacked conviction, while a messy week of tariff hits looms.

The euro, which spent a week edging lower from a five-month high, has steadied around $1.0783. Sterling held steady at $1.2931 ahead of British inflation data and a budget update due later in the day.

The euro and Russia's rouble had little immediate reaction to US deals with Russia and Ukraine to pause attacks at sea and on energy targets, though wheat prices fell as the US said it will push to lift sanctions on Russian agriculture.

That leaves the focus on next week, when US President Donald Trump has threatened to impose - or at least provide details of - a new round of tariffs on autos, chips and pharmaceuticals.

The trade-sensitive Australian dollar hovered just above 63 cents, wavering only slightly when February consumer inflation data came in a bit softer than expected.

It barely responded to Tuesday's federal budget, which promised tax cuts and extra borrowing to fund relief measures for voters ahead of a May election.

"The major driver of AUD/USD over the next few weeks, and possibly months, will be the new US trade policy and the response from foreign governments," said Commonwealth Bank of Australia strategist Joe Capurso.

"If market participants are caught flat footed by larger than expected US tariffs and retaliation by other governments next week, AUD/USD can test $0.60 in coming weeks."

The New Zealand dollar was a tad firmer at $0.5750.

Tariffs and threats of the duties have already driven counterintuitive moves in currency markets as concerns they may drive down US growth have confounded the assumption that the levies should be inflationary and drive up the dollar.

Data released on Tuesday showing US consumer confidence plunged to the lowest level in more than four years in March highlighted how the uncertainty is weighing heavily on households.

For the quarter, the dollar index - which had rallied strongly between September and January - is headed for a roughly 4% drop. It was stalled at 104.32 in the Asia afternoon.

In emerging markets, Türkiye's lira found a footing just below 38 to the dollar after the finance minister and central bank governor told investors they would do whatever was needed to tame market turmoil triggered by the arrest of President Recep Tayyip Erdogan's main political rival.

Indonesia's currency teetered near a record low as worries over slowing growth and rising government spending shook confidence in Southeast Asia's biggest economy.