Veon subsidiary Jazz has secured a PKR75 billion (US$270 million) loan to expand its infrastructure and transition from a telecom company to a technology services provider. The credit facility, led by The Bank of Punjab, is the largest long-term private sector syndicated credit facility in Pakistan, enabling Jazz to enhance digital infrastructure and invest in cloud, software, and financial services.
Kuwait’s National Mobile Telecommunications Company (Ooredoo) reported a 9% increase in consolidated revenue for the first half of 2024, reaching KD346 million ($1.1 billion). The growth was driven by strong performance in Kuwait, Maldives, Tunisia, and Algeria. The customer base grew by 4% to 25.5 million, and EBITDA increased by 8% to KD125 million. Net profit attributable to NMTC decreased to KD25 million due to a one-time gain in H1 2023, but excluding this gain, net profit would have been 23% higher.
Ooredoo reported a 9% revenue growth in H1 2024, reaching KD346 million ($1.1 billion), driven by strong performance in Kuwait, Maldives, Tunisia, and Algeria. Customer base increased by 4% to 25.5 million, and EBITDA grew by 8% to KD125 million. Net profit attributable to NMTC decreased to KD25 million due to a one-time gain in H1 2023.
Egypt plans to boost its ICT sector’s contribution to GDP from 5.8% to 8% by 2030. Minister Amr Talaat emphasized strategic collaborations and investments in submarine cables, cloud computing, and local mobile manufacturing. Initiatives include training programs for 500,000 ICT professionals annually, expanding digital innovation centers, and enhancing digital infrastructure, including broadband coverage and fiber optic networks, to support these goals.
Grameenphone, Bangladesh’s largest mobile operator, reported a Tk 1,338 crore profit for Q1 2024, a 72% increase year-on-year. The growth was driven by reduced finance costs, foreign exchange gains, and lower income tax expenses, with revenue rising by 5% to Tk 3,734 crore.
Saudi Arabia saw a 14% annual increase in expatriate remittances in April, totaling SR11.35 billion. Payments from Saudis also rose by 30%, reaching SR4.94 billion. This growth is driven by new development projects, improved economic conditions, digitalization, and supportive regulatory reforms, enhancing the ease of doing business.
Algeria’s “Switch mobile” project enables instant interbank transfers and account-to-account payments via QR codes, connecting bank and Algeria Post applications. This initiative, part of the National Electronic Payment Strategy, aims to enhance financial inclusion and modernize payment methods in Algeria.
PhonePe has partnered with PickMe to offer UPI-based payments for Indian travelers in Sri Lanka, enhancing convenience and security for tourists while supporting digital transformation in the country’s transportation sector.
Madayn has partnered with Sadad Electronic Payment Gateway to introduce electronic payment services for investors and business owners. This agreement includes installing self-service payment machines at Masar Service Centres, promoting digital transformation, and enhancing user experience. The partnership also involves training national cadres and providing maintenance opportunities for SMEs.
Telecom Egypt reported a 1.83% increase in Q1-2024 net profit, reaching EGP 3.88 billion. Consolidated operating revenues grew to EGP 17.48 billion. The standalone net profit rose to EGP 4.38 billion, with operating revenue at EGP 12.59 billion. The company plans to enhance cost efficiency and monetize assets generating foreign currency returns.
