Wateen Telecom, a Pakistani wireless broadband company controlled by the Abu Dhabi Group, will embark on an international roadshow within the next three months to raise 1.5 billion Pakistani rupees (Dh65.3 million) for future growth. Tariq Malik, the chief executive of Wateen Telecom, said the company was looking to expand its operations in Afghanistan and was contemplating a dual listing of its shares on the Abu Dhabi Securities Exchange.
"We are doing a roadshow in the Middle East and the US within the next month because we want to diversify our investor base," Mr Malik said. Wateen launched an initial public offering (IPO) on Pakistan's Karachi Stock Exchange last month, which raised 2bn rupees. The IPO floated about 26 per cent of the company for 10 rupees a share and was oversubscribed by 1.1bn rupees. The funds will go towards paying down the company's debt and buying out a minority stake of a subsidiary that deals with telecommunications hardware.
The Abu Dhabi Group, an investment company owned by members of the Abu Dhabi Royal Family, owns the other 76 per cent of Wateen through its investments in Warid Telecom, an operator based in Pakistan, and its Bank Alfalah business. "Now that we have a listing and we have an open market price, the next phase is to find a kind of a long-term strategic investor in the business," Mr Malik said. In its prospectus, Wateen Telecom reported it had revenues of 16.1bn rupees and an operating profit of 3.01bn rupees. It is one of the country's largest wireless providers but focuses on wholesale internet access for businesses and other operators.
The company has started selling satellite services to mobile operators in Afghanistan's rural areas, generating about US$25m (Dh91.8m) in sales, and was looking to provide more wireless broadband packages in the country, Mr Malik said. "We haven't given any dividends this year and 100 per cent of our profit is reinvested, primarily in [Pakistan]," he said. skhan@thenational.ae dgeorgecosh@thenational.ae
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Hili 2: Unesco World Heritage site
The site is part of the Hili archaeological park in Al Ain. Excavations there have proved the existence of the earliest known agricultural communities in modern-day UAE. Some date to the Bronze Age but Hili 2 is an Iron Age site. The Iron Age witnessed the development of the falaj, a network of channels that funnelled water from natural springs in the area. Wells allowed settlements to be established, but falaj meant they could grow and thrive. Unesco, the UN's cultural body, awarded Al Ain's sites - including Hili 2 - world heritage status in 2011. Now the most recent dig at the site has revealed even more about the skilled people that lived and worked there.
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5