Iot squared, a joint venture between Saudi Telecom Company and the Public Investment Fund, has signed a binding agreement to acquire 100 per cent of technology company Machinestalk, which focuses on Internet of Things, amid the kingdom's digital transformation push.
The deal will add value for iot squared through Riyadh-based Machinestalk’s field services capabilities, technology, proprietary IoT platforms, internal development capabilities, local and international partner and customer relationships, the Saudi Press Agency reported on Sunday.
The agreement "steers to an exciting new chapter in our growth story", Othman Al Dahash, chief executive of iot squared, said.
"As we continue to strengthen our position as the national IoT champion... we are eager to play a pivotal role in supporting Saudi Arabia’s ambitions to lead the region’s digital transformation and adoption of emerging technologies."
Both stc and PIF own a 50 per cent stake each in iot squared, which offers smart solutions in sectors including industrial manufacturing, logistics, transportation and smart cities.
The company aims to make Saudi a regional technology centre for the Middle East and North Africa and become a “one-stop-shop” for IoT solutions.
One of the world’s largest sovereign wealth funds, the PIF is at the centre of the Saudi Vision 2030 initiative to diversify the country’s economy from hydrocarbons.
Its assets under management grew 13 per cent annually to about $600 billion last year. The fund established 25 companies last year and created 181,000 jobs.
It also made international investments worth $136.5 billion, with a growing focus on growing its domestic assets.
As part of its mandate, the fund aims to localise technology and knowledge in Saudi Arabia and develop a digital economy, in line with the Vision 2030 objectives.
Saudi Arabia's IoT market is estimated to reach 10.8 billion Saudi riyals ($2.9 billion) by 2025 at an annual growth rate of 12.8 per cent, according to Massachusetts-based researcher International Data Corporation.
Machinestalk is one of the largest Saudi companies in the IoT domain, founded in 2015 as a subsidiary of NOMD Holding.
It has delivered diversified solutions focused on smart mobility, with additional capabilities in smart buildings and facilities, smart cities, and industrial IoT.
The acquisition represents "an important milestone in the collaboration between PIF and stc as this reflects the major investment strategy in the products and services in ICT industry, including investments in digital clouds, cybersecurity, FinTech and digital entertainment", SPA said.
The iot squared deal is subject to regulatory approvals and fulfilling transaction conditions.
The specs
Engine: 4.0-litre flat-six
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Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
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Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
The specs
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Transmission: CVT
Power: 170bhp
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Volvo ES90 Specs
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Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
The specs
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Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
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Sector: Online grocery delivery
Staff: 200
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Director: Zoya Akhtar
Producer: Excel Entertainment & Tiger Baby
Cast: Ranveer Singh, Alia Bhatt, Kalki Koechlin, Siddhant Chaturvedi
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Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
The specs
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Torque: 730Nm at 4,000-7,000rpm
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On sale: Now, deliveries expected later in 2025
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Engine: Duel electric motors
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On sale: Available for pre-order now
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WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
More from Rashmee Roshan Lall
GAC GS8 Specs
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Company name: Play:Date
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EA Sports FC 26
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Consoles: PC, PlayStation 4/5, Xbox Series X/S
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Four-day collections of TOH
Day Indian Rs (Dh)
Thursday 500.75 million (25.23m)
Friday 280.25m (14.12m)
Saturday 220.75m (11.21m)
Sunday 170.25m (8.58m)
Total 1.19bn (59.15m)
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COMPANY PROFILE
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UAE squad
Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – First ODI
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
