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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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Lebanon's Finance Minister: There Will be a New Deal with IMF

A technician installs solar panels atop 15 prefabricated cabins offered by an NGO to residents whose homes were destroyed in Israeli strikes during the latest war in the southern Lebanese village of Ramia near the southern border on March 5, 2025. (Photo by Mahmoud ZAYYAT / AFP)
A technician installs solar panels atop 15 prefabricated cabins offered by an NGO to residents whose homes were destroyed in Israeli strikes during the latest war in the southern Lebanese village of Ramia near the southern border on March 5, 2025. (Photo by Mahmoud ZAYYAT / AFP)
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Lebanon's Finance Minister: There Will be a New Deal with IMF

A technician installs solar panels atop 15 prefabricated cabins offered by an NGO to residents whose homes were destroyed in Israeli strikes during the latest war in the southern Lebanese village of Ramia near the southern border on March 5, 2025. (Photo by Mahmoud ZAYYAT / AFP)
A technician installs solar panels atop 15 prefabricated cabins offered by an NGO to residents whose homes were destroyed in Israeli strikes during the latest war in the southern Lebanese village of Ramia near the southern border on March 5, 2025. (Photo by Mahmoud ZAYYAT / AFP)

Lebanese Finance Minister Yassine Jaber said on Wednesday there would be a new deal between his country and the International Monetary Fund, according to a statement released by the finance ministry after a meeting with a visiting IMF mission.
Jaber said the meeting with Ernesto Ramirez Rigo, the head of the IMF mission visiting Lebanon, was "good" and "saw transparency.”
Lebanon has been in deep economic crisis since 2019, when its financial system collapsed under the weight of state debts, prompting a sovereign default in 2020 and freezing ordinary depositors out of their savings in the banking system.
Beirut reached a draft funding deal with the IMF in 2022 - contingent on reforms that authorities failed to deliver.
"I expressed the Lebanese government's determination to carry out all necessary reforms. Not because someone asked us to but because the country needs such reforms," Jaber said.
According to Reuters, he did not disclose details of the deal but said the government was tasked with outlining a new plan with the Washington-based lender.
He said the government presented its priorities in the upcoming period to the IMF, including appointing a central bank governor.
The IMF would visit Lebanon again in early April if a new central bank governor is appointed, Jaber said.
He said further talks would be held with the IMF on Thursday in Lebanon.