Vodafone shares up 4% after UAE group buys 9.8% stake

Vodafone shares up 4% after UAE group buys 9.8% stake
e& said it had no intention of making an offer for the whole of Vodafone and it had spent $4.4 billion to invest at an “attractive valuation” 
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Updated 16 May 2022

Vodafone shares up 4% after UAE group buys 9.8% stake

Vodafone shares up 4% after UAE group buys 9.8% stake

LONDON: Shares in Vodafone jumped 4 percent in early trade on Monday after the United Arab Emirates-based telecoms company e& revealed it had bought a 9.8 percent stake in the British mobile operator.

Formerly known as Emirates Telecommunications Group, e& said it had no intention of making an offer for the whole of Vodafone and it had spent $4.4 billion to invest at an “attractive valuation” to benefit from a diversification in currencies.

The company said it was fully supportive of Vodafone's board, which has come under pressure from other investors after the group struggled in its mature European markets where competition and regulation have pushed prices lower.

Vodafone Chief Executive Nick Read has vowed to lead a wave of consolidation in Europe to rebuild markets and boost returns but in recent months he has rejected an approach for the group's Italian assets and missed out on a deal between rivals in Spain.

Shares in Vodafone were up 3.1 percent at 121.50 pence at 0732 GMT.

The stock is down around 25 percent since Read moved from the finance director role to the top job of CEO in October 2018.

Paolo Pescatore, an analyst at PP Foresight, said the UAE investment was a strong endorsement of Vodafone's strategy and board, despite the failed attempts to strike deals in major markets.

“The move itself will raise eyebrows and may lead to some tension with other shareholders who are keen to see Vodafone consolidate in key markets,” he said.

“There will now be opportunities for both Etisalat and Vodafone to work more closely to bring greater efficiencies and launch new products in more products globally.” 


MENA Project Tracker —  Edamah requests bids on newest project; KAPP starts bids on IWPP projects 

MENA Project Tracker —  Edamah requests bids on newest project; KAPP starts bids on IWPP projects 
Updated 04 July 2022

MENA Project Tracker —  Edamah requests bids on newest project; KAPP starts bids on IWPP projects 

MENA Project Tracker —  Edamah requests bids on newest project; KAPP starts bids on IWPP projects 

RIYADH: Bahrain Real Estate Investments, known as Edamah has begun its hunt for bids for the 20,717 square meter plot investment project at Hidd within Muharraq governorate in Bahrain.

The development is located alongside Diyar Al Muharraq and Dilmunia waterfronts, near the Khalifa town housing project.

The leading property developer has held Bahrain’s sovereign wealth fund since its establishment in 2006, reported Trade Arabia.

It is also on the search for bids on a similar investment project development — which includes six more plots with a total area of 5,618 square meter at Askar within Southern governorate.

KAPP starts bids on water and power generation

Kuwait Authority for Partnership Projects, known as KAPP, has requested bids to develop Al-Zour North 2 and 3 and Al-Khiran 1 as part of the independent water and power producer projects.

The two plots are expected to generate a net capacity of 4,500 MW of power and 290 million imperial gallons a day of water, reported MEED.

This decision comes amid increased power demand in Kuwait — soaring to a record high of 15.67 Gigawatt last July.

The deadline for submitting project bids is on Aug. 16.


Saudi airline Flynas to operate AlUla-Cairo direct flights from October

Saudi airline Flynas to operate AlUla-Cairo direct flights from October
Updated 04 July 2022

Saudi airline Flynas to operate AlUla-Cairo direct flights from October

Saudi airline Flynas to operate AlUla-Cairo direct flights from October

RIYADH: Saudi Arabia’s budget airline Flynas announced the launch of its first direct flights between its heritage city AlUla and Cairo, starting from 6th October, according to the Saudi Press Agency. 

The airline will operate two direct flights per week, on Saturdays and Thursdays, between AlUla International Airport to Cairo International Airport.

Located in the north-west of Saudi Arabia, AlUla is one of the key tourist destinations that offers a variety of experiences in heritage, art, culture, recreation and adventure.


Saudi Aramco becomes first-ever MENA firm in Clarivate’s top 100 global innovators list

Saudi Aramco becomes first-ever MENA firm in Clarivate’s top 100 global innovators list
Updated 04 July 2022

Saudi Aramco becomes first-ever MENA firm in Clarivate’s top 100 global innovators list

Saudi Aramco becomes first-ever MENA firm in Clarivate’s top 100 global innovators list

RIYADH: Saudi Aramco has been named one of the top 100 global innovators by American analytics company Clarivate. 

In its report titled “Top 100 Global Innovators 2022,” Clarivate revealed that Saudi Aramco is the first-ever company from the Middle East and North Africa region to be placed in the list. 

“The regional diversity continues to increase, with the first-ever Middle Eastern list entry via energy firm Saudi Aramco,” wrote Clarivate in the report. 

Apart from Saudi Aramco, other new entrants to the list are China’s Alibaba, Germany’s Continental, US’ General Motors, South Korea’s Hyundai Motors and Kia Motors, US’s Philip Morris International, and UK’s Rolls-Royce. 

Clarivate added that companies have been included in the list based on factors like influence, success, globalization, and technical distinctiveness. 


TASI extends losses on fears of economic slowdowns: Closing bell

TASI extends losses on fears of economic slowdowns: Closing bell
Updated 04 July 2022

TASI extends losses on fears of economic slowdowns: Closing bell

TASI extends losses on fears of economic slowdowns: Closing bell

RIYADH: Saudi stock markets extended losses as investors worried that the latest central bank efforts to curb inflation would lead to rapid economic slowdowns.

The main index, TASI, fell 0.93 percent to reach 11,358, while the parallel market, Nomu, dropped 1.94 percent at 20,672.

Fawaz Abdulaziz Alhokair Co. led the decliners since the market opened with a 9.99 percent fall, followed by Abdulmohsen Alhokair Group for Tourism and Development which fell 9.92 percent.

Saudi Aramco, the largest player on the Saudi oil market, lost 1.29 percent, while Methanol Chemicals Co. fell 2.57 percent.

In the financial sector, the Kingdom’s largest valued bank Al Rajhi, dropped 0.50 percent, while The Saudi National Bank slipped 1.05 percent.

Among the biggest IT companies, Elm Co. gained 0.56 percent and Al Moammar Information Systems Co. edged down 2.08 percent.

Jadwa REIT Saudi Fund led the gainers with 4.75 percent gain, closely followed by Dar Alarkan Real Estate Development Co. with a 4.56 percent rise.

In the energy sector, West Texas Intermediate crude was trading at $109.69 per barrel and Brent crude was trading at $113.12 per barrel as of 3:24 p.m. Saudi time.


Saudi Arabia to help citizens affected by rise in global commodity prices: Crown Prince

Saudi Arabia to help citizens affected by rise in global commodity prices: Crown Prince
Updated 04 July 2022

Saudi Arabia to help citizens affected by rise in global commodity prices: Crown Prince

Saudi Arabia to help citizens affected by rise in global commodity prices: Crown Prince

RIYADH: Crown Prince Mohammed bin Salman has urged government agencies to think about Saudi Arabia’s neediest citizens in the wake of the increasing cost of some basic needs.

Chairing a meeting of the Council of Economic and Development Affairs, the Crown Prince stressed the important roles of ministries and government agencies in monitoring international developments, the Saudi Press Agency reported.

This includes food supply chains, monitoring markets, product availability and price levels, and protecting and encouraging fair competition, as well as combating and preventing monopolistic practices that affect legitimate competition or the interest of the consumer.

During the meeting held in Jeddah, the Council reviewed a number of economic and development issues, including a presentation on the price levels of a number of products in the Kingdom's markets, submitted by the Ministry of Commerce with participation of the Ministry of Environment, Water and Agriculture, and the Ministry of Economy and Planning.

The Council was also briefed on health developments related to the COVID-19 by the Ministry of Health.

The presentation included an update following the decision to lift the precautionary and preventive measures related to the pandemic, in addition to updates on administering vaccines, the most prominent preparations for this year’s Hajj season, and the state of the epidemiological situation internationally.

The Council also followed up on the periodic presentation submitted by the Ministry of Economy and Planning regarding the analysis of opening economic activities and the impact of the pandemic.

The Council has taken the necessary recommendations on these issues, SPA said.