Three major players in the GCC telecoms sector have teamed up to create the Middle East and North Africa's biggest tower company with a combined estimated enterprise value of $2.2 billion, as they seek to boost the region's standing on the global telecommunications stage.
Qatar's Ooredoo, Kuwait's Zain Group and UAE-based TASC Towers signed definitive agreements for the entity in a cash and share deal, the companies said in a joint statement on the Abu Dhabi Securities Exchange on Tuesday.
Ooredoo and Zain will each retain a 49.3 per cent shareholding, while TASC will have the remaining stake through UK-based Digital Infrastructure Assets.
They first announced plans to create the company in July and expected a deal in the third quarter this year.
The as-yet-unnamed tower company will comprise nearly 30,000 towers, made up of combined assets in Qatar, Kuwait, Jordan, Iraq, Algeria and Tunisia, and is projected to achieve run-rate revenue close to $500 million annually, it said.
“This financial position underpins the promising prospects and profitability of the newly restructured tower company,” the statement said.
“The expected timeline for the completion of this transaction contemplates initial market closings in 2024" and is subject to regulatory approvals.
The move is expected to provide “wide-ranging positive implications for the region”, said Aziz Fakhroo, managing director and chief executive of Ooredoo; Bader Al Kharafi, vice chairman and group chief executive of Zain Group; and Iyad Mazhar, founder and chief executive of TASC Towers.
These include “economic growth and upgraded connectivity to technological improvements and increased global relevance”, they said.
“This strategic transaction will unlock significant shareholder value through higher earnings multiples, as well as ensure capital efficiency, optimising balance sheets for our respective companies and creating new possibilities for investors.”
Telecom towers, which are also called cell sites or cell towers, hold telecommunications antennae to provide services within a specified area. They have become critical infrastructure in today's digital era.
The global telecom towers market is projected to top $111 billion by 2030, from an estimated $50.4 billion in 2022, growing at a compound annual rate of 10.4 per cent, data from Coherent Market Insights shows.
“The deal demonstrates our joint dedication to supporting the reduction of the region’s carbon footprint, contributing to our vision of reshaping the telecommunications sector by building a more sustainable ecosystem and ensuring a better-connected future for our communities across the region,” the executives said.
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
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
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
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Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
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Oppenheimer
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The%20specs%20
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Racecard
6.30pm: Mazrat Al Ruwayah Group Two (PA) US$55,000 (Dirt) 1,600m
7.05pm: Meydan Trophy (TB) $100,000 (Turf) 1,900m
7.40pm: Handicap (TB) $135,000 (D) 1,200m
8.15pm: Balanchine Group Two (TB) $250,000 (T) 1,800m
8.50pm: Handicap (TB) $135,000 (T) 1,000m
9.25pm: Firebreak Stakes Group Three (TB) $200,000 (D) 1,600m
10pm: Handicap (TB) $175,000 (T) 2,410m
The National selections: 6.30pm: RM Lam Tara, 7.05pm: Al Mukhtar Star, 7.40pm: Bochart, 8.15pm: Magic Lily, 8.50pm: Roulston Scar, 9.25pm: Quip, 10pm: Jalmoud
Killing of Qassem Suleimani
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Company%20Profile
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10 tips for entry-level job seekers
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- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
City's slump
L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
No Shame
Lily Allen
(Parlophone)
ASSASSIN'S%20CREED%20MIRAGE
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UAE currency: the story behind the money in your pockets
SPECS
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Company%20profile
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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.
Sholto Byrnes on Myanmar politics
Superliminal%20
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The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now