News

New Merger Creates Middle East’s Biggest Telecom Company

Saudi Arabia’s PIF and stc Group have combined resources, in a move that will significantly boost network coverage and customer experience.

Published

9 months ago

April 22, 2024

Nour Nasir

new merger creates middle east's biggest telecom company

Saudi Arabian wealth fund PIF has agreed to purchase a 51% stake in Tawal, the country’s biggest telecommunications infrastructure company, with an enterprise value of $5.85 billion. The stake was formerly owned by the Saudi Telecommunications Company (stc Group).

PIF and stc Group will now merge Tawal and Golden Lattice Investment Company (GLIC) into a new entity, forming the “largest regional company in the telecommunication infrastructure sector” with over 30,000 mobile tower sites and annual revenues surpassing $1.3 billion.

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

Raid Ismail, Head of MENA Direct Investments at PIF 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”.

Also Read: Microsoft Invests $1.5 Billion In Abu Dhabi AI Tech Firm G42

Combining Tawal and GLIC is seen as a positive stepping-stone to consolidating Saudi Arabia’s tower market and increasing operating efficiencies and excellence to deliver a better experience for customers.

Once operational, network coverage should see a welcome boost, while general connectivity and internet speeds will also be improved.

The merger follows Tawal’s purchase of infrastructure in Bulgaria, Croatia, and Slovenia, making this “Saudi national champion” the region’s biggest independent tower company.

News

“AI Seal” Certification Now Required For Dubai Gov Partnerships

The new mandatory certification is designed to build trust in AI companies and create a reliable network of providers for government and public collaboration.

Published

16 hours ago

January 21, 2025

Nour Nasir

ai seal certification now required for dubai gov partnerships

Dubai Media Office

Dubai has introduced the Dubai AI Seal, a certification designed to establish trust in artificial intelligence (AI) companies and solutions. This initiative, directed by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister, aims to create a reliable network of AI providers which government entities and businesses can collaborate confidently.

Companies must now obtain the AI Seal to qualify for UAE or Dubai government contracts. The Dubai Centre for Artificial Intelligence (DCAI), which developed the certification, sees it as a competitive edge for companies looking to participate in key national projects. Once certified, businesses will be permitted to showcase the seal across their websites and marketing materials, signaling their credibility and dependability.

The evaluation process will consider six main criteria: the company’s services and operations, the number of employees specializing in AI, ongoing and future projects, as well as existing partnerships with public and private sector entities.

dubai ai seal certification

Khalfan Belhoul, CEO of the Dubai Future Foundation, which oversees the DCAI, commented on the initiative’s potential: “This initiative will help create powerful partnerships between the public and private sectors, locally, regionally, and globally. It will help drive new economic opportunities by leveraging AI to serve better the economy, society, and the future we aspire to”.

Also Read: Top Free AI Chatbots Available In The Middle East

The Dubai AI Seal’s goals include providing a clear framework for verifying AI providers, fostering business opportunities for AI companies, and acknowledging the industry’s strategic importance to Dubai’s economy. The initiative emphasizes AI’s role in driving economic growth, creating jobs, and strengthening collaboration between government bodies and technology firms.

All technology companies operating in Dubai and offering AI-related services or products are eligible to apply for the certification at no cost through the official website.