The UAE's technology conglomerate e& is projected to lead revenue growth in the GCC telecoms sector next year as companies shore up their assets in new international markets, a study has found.
By acquiring assets in new regions and offering products and services there, telcos are expected to increase their annual revenue by an average of 3 per cent in 2023-2024, Moody's Investors Service said in its latest update.
Next year, however, e&'s revenue will have much higher growth of about 20 per cent "because of consolidation of the PPF Telecom assets", Moody's said.
The company, through its e& international arm, is currently focused on closing the deal to acquire a majority stake in PPF Group, e& international chief executive Mikhail Gerchuk told The National in a recent interview.
This will give it a controlling stake in the Czech company's operations in Bulgaria, Hungary, Serbia and Slovakia, amid a push to expand into central and eastern European markets.
The PPF deal is in addition to the 14.6 per cent e& has acquired in Vodafone, consolidating its shareholding in the British company.
STC, Ooredoo and Omantel, on the other hand, would increase their 2024 revenue by about 5 per cent, 3 per cent and 2 per cent, respectively, Moody's said.
Riyadh-based STC in September acquired a 9.9 per cent stake in Spain's Telefonica, while its tower subsidiary Tawal completed its $1.33 billion acquisition of Netherland-based United Group’s telecoms assets in August.
Omantel's revenue growth, meanwhile, is projected to be low because expansion efforts in its other business units are to be offset by lacklustre performance from its core market, where it faces fierce competition, Moody's said.
The UAE's other telecoms company, Emirates Integrated Telecommunications Company, the Dubai operator known as du, currently has no plans for overseas expansion or acquisitions.
Investing in overseas markets could support credit in the long term, but the benefits from these acquisitions will still depend on the balance between the maturity and growth potential of new geographies, Mikhail Shipilov, assistant vice president-analyst at New York-based Moody’s, wrote in the report.
"Previous investments in African and Asian enterprises have so far demonstrated mixed results because of currency and macroeconomic volatility and the sometimes unpredictable legal and regulatory environment in some regions," he said.
"Therefore, GCC operators are currently trying to strike a balance between more stable operating environments and some potential for growth in telecommunications markets."
The telecoms industry is going through a major transformation with the advent of new innovations.
That has prompted companies to adapt innovative technology to streamline and optimise their operations, allowing them to expand consumer base and add new revenue lines as competition intensifies.
For GCC telcos, strong macroeconomic environments in domestic markets have enabled them to be financially strong, allowing them to step up activity after a number of "quiet" years, Moody's said.
"Now, they are eager to deploy their significant resources, diversify from oil-dependent or emerging market economies, increase their buyer power over vendors and preserve growth in consolidated revenue and earnings," it said.
Telcos in the GCC would also benefit from boosting their investment in digital technology and information and communication technology as it would drive diversification and growth, Moody's said.
Their willingness to offload non-core assets would also support the efficient use of their capital, the report said.
Indeed, they have made moves: e& has invested in a number of digital ventures in the GCC, while STC and Omantel have been scaling up their ICT capabilities.
Ooredoo, meanwhile, had announced the sale of its Myanmar business and merged its Indonesian operations with CK Hutchison to create the country's second-biggest operator.
"However, the changing revenue mix and upfront costs temporarily pose a risk to profitability margins. Execution and integration risks are also present," Moody's said.
"Robust balance sheets and lower capital spending intensity provide sufficient dry powder for M&A ... despite their acquisitive appetite, the companies should sustain their credit metrics within the ranges for the current ratings, sizing their investments accordingly."
the pledge
I pledge to uphold the duty of tolerance
I pledge to take a first stand against hate and injustice
I pledge to respect and accept people whose abilities, beliefs and culture are different from my own
I pledge to wish for others what I wish for myself
I pledge to live in harmony with my community
I pledge to always be open to dialogue and forgiveness
I pledge to do my part to create peace for all
I pledge to exercise benevolence and choose kindness in all my dealings with my community
I pledge to always stand up for these values: Zayed's values for tolerance and human fraternity
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Key features of new policy
Pupils to learn coding and other vocational skills from Grade 6
Exams to test critical thinking and application of knowledge
A new National Assessment Centre, PARAKH (Performance, Assessment, Review and Analysis for Holistic Development) will form the standard for schools
Schools to implement online system to encouraging transparency and accountability
Three tips from La Perle's performers
1 The kind of water athletes drink is important. Gwilym Hooson, a 28-year-old British performer who is currently recovering from knee surgery, found that out when the company was still in Studio City, training for 12 hours a day. “The physio team was like: ‘Why is everyone getting cramps?’ And then they realised we had to add salt and sugar to the water,” he says.
2 A little chocolate is a good thing. “It’s emergency energy,” says Craig Paul Smith, La Perle’s head coach and former Cirque du Soleil performer, gesturing to an almost-empty open box of mini chocolate bars on his desk backstage.
3 Take chances, says Young, who has worked all over the world, including most recently at Dragone’s show in China. “Every time we go out of our comfort zone, we learn a lot about ourselves,” she says.
UAE Premiership
Results
Dubai Exiles 24-28 Jebel Ali Dragons
Abu Dhabi Harlequins 43-27 Dubai Hurricanes
Final
Abu Dhabi Harlequins v Jebel Ali Dragons, Friday, March 29, 5pm at The Sevens, Dubai
Scoreline
Australia 2-1 Thailand
Australia: Juric 69', Leckie 86'
Thailand: Pokklaw 82'
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Tuesday results:
- Singapore bt Malaysia by 29 runs
- UAE bt Oman by 13 runs
- Hong Kong bt Nepal by 3 wickets
Final:
Thursday, UAE v Hong Kong
Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
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UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
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UAE currency: the story behind the money in your pockets
THE SPECS – Honda CR-V Touring AWD
Engine: 2.4-litre 4-cylinder
Power: 184hp at 6,400rpm
Torque: 244Nm at 3,900rpm
Transmission: Continuously Variable Transmission (CVT)
0-100kmh in 9.4 seconds
Top speed: 202kmh
Fuel consumption: 6.8L/100km
Price: From Dh122,900
Scorebox
Sharjah Wanderers 20-25 Dubai Tigers (After extra-time)
Wanderers
Tries Gormley, Penalty
Cons Flaherty
Pens Flaherty 2
Tigers
Tries O’Donnell, Gibbons, Kelly
Cons Caldwell 2
Pens Caldwell, Cross
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
UAE currency: the story behind the money in your pockets
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Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
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How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
UAE%20Warriors%2045%20Results
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UAE currency: the story behind the money in your pockets
Company profile
Company: Verity
Date started: May 2021
Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif
Based: Dubai
Sector: FinTech
Size: four team members
Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000
Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors
COMPANY%20PROFILE
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Courses%20at%20Istituto%20Marangoni%2C%20Dubai
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Russia's Muslim Heartlands
Dominic Rubin, Oxford
The%20specs
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The specs: 2019 Haval H6
Price, base: Dh69,900
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
Power: 197hp @ 5,500rpm
Torque: 315Nm @ 2,000rpm
Fuel economy, combined: 7.0L / 100km
