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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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Oman’s Commerce Minister: Omani-Saudi Trade, Economic Ties Witness Significant Growth

General view of Riyadh. SPA
General view of Riyadh. SPA
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Oman’s Commerce Minister: Omani-Saudi Trade, Economic Ties Witness Significant Growth

General view of Riyadh. SPA
General view of Riyadh. SPA

Omani Minister of Commerce, Industry, and Investment Promotion Qais bin Mohammad Al-Yousef has said that trade and economic relations between Oman and Saudi Arabia are experiencing significant growth, reflecting the strength of the fraternal and historical ties between the two countries.

During a news conference organized by the Omani Ministry of Information under the theme "Oman and the World," Al-Yousef explained on Thursday that joint projects reflect the efforts made to enhance economic cooperation between the two nations, particularly in areas that support trade exchange, regional economic development and expanding cooperation in fields such as energy, industry, technology, and tourism.

He highlighted Saudi Arabia’s efforts in opening the land route linking the Kingdom to Oman, which represents a qualitative leap in enhancing bilateral trade movement. It has facilitated the mobility of both companies and citizens and boosted tourism and public communication, alongside supporting both nations’ efforts to achieve economic integration through building advanced infrastructure, he said.

"Saudi-Omani relations are strong and prosperous, witnessing growth in all areas. We are confident that the continued cooperation between us will yield strategic gains that serve the interests of both countries in the commercial, industrial, or tourism sectors,” the minister said.

He also pointed out that Saudi Arabia has made significant strides in developing the industrial sector and modernizing the logistical infrastructure, which opens new horizons for joint cooperation, especially in areas related to industrial integration and investment in major projects.

He highlighted the recent visit by Saudi Minister of Commerce Majid Al-Kassabi to Oman, where he discussed several initiatives that both sides aim to implement in the near future, as well as opportunities to launch joint projects between the private sectors of both countries, particularly in industrial fields.

Al-Yousef stressed the Saudi-Omani relationship serves as a model for Arab economic cooperation, and that the future holds many opportunities to strengthen this cooperation at all levels.