RIYADH: Targeting the business sector, Saudi Telecom Co.’s recently launched JAWAL Net is attracting big interest from all segments ranging from medium and large companies to large scale corporations and organizations. Much of the interest is due to the 25 percent reduction in rates, bringing the cost down to SR1.5 for every additional mega byte when the covered data exceeds the specified capacities for which the customer subscribed. JAWAL Net service provides customers with high-speed wireless Internet connection using ALJAWAL SIM card, which allows Internet browsing through ALJAWAL devices or any other devices compatible with 3.5G/3G/ EDGE/GPRS technologies using a USB modem.
Swicorp buys $150 million stake
RIYADH: Saudi-based private equity firm Swicorp said yesterday it has spent more than $150 million to buy a strategic stake in Jordan Aviation, a leasing firm active in the Middle East and whose top client is the United Nations. The acquisition was the largest to be made through Swicorp’s $250 million Intaj private equity vehicle, Nabil Triki, Swicorp’s managing director and head of private equity, said in a telephone interview. “It’s for a strategic minority evolving into majority stake,” Triki told Reuters.