Grid Telecom and Dawiyat Integrated have partnered to build a subsea cable system connecting Greece to Saudi Arabia. The project aims to enhance network resiliency and expand reach, leveraging Crete’s strategic position. Details and timelines are yet to be announced, with potential synergies for additional projects like hyperscale-ready data centers.
Egyptian fintech company MNT-Halan has secured US$157.5 million in funding to support its global expansion. Founded in 2018 to provide digital banking solutions for the unbanked, MNT-Halan’s ecosystem includes business lending, consumer finance, and e-commerce. With over 2.2 million active users, the company aims to extend its innovative financial services internationally.
Emirates Integrated Telecommunications Company (EITC) reported a 46.3% increase in Q2 net profit to AED581 million, driven by 7.3% revenue growth. Mobile and fixed customer bases grew, with strong performance in enterprise and consumer products. EBITDA rose by 3.2%, and Capex moderation led to a 10.9% increase in free cash flow.
Leading Saudi telecom group stc has reported solid financial results for the first half of 2024, with a 4.79% increase in revenues, reaching SAR38.25 billion ($10.2 billion). Net profit surged by 7.73% to SAR6.6 billion, driven by growth in customer and carrier revenues, as well as subsidiary performance. The company’s “Dare 2.0” strategy and cost efficiency programs were key factors in achieving these results.
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.
Ericsson, in partnership with e& UAE, has successfully verified the Reduced Capability (RedCap) software solution on e& UAE’s 5G Standalone (5G SA) network. This marks the first implementation of Ericsson’s RedCap solution in a commercial network in the Middle East and Africa region, enabling new types of 5G IoT devices and offering new monetization opportunities in both consumer and industrial spaces.
China Mobile Pakistan (CMPak), operating under the Zong 4G brand, expanded its network and completed a significant modernization project in the first half of 2024. Zong 4G deployed over 400 new 4G sites and upgraded its base stations with 8T8R technology to enhance customer experience along the China–Pakistan Economic Corridor. Additionally, Zong upgraded over 1,400 battery banks to Li-Ion solutions for improved efficiency.
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.
Saudi Arabia’s Emerging Technology Adoption Readiness Index improved from 60.35% to 70.70% in one year. The increase in participating agencies, along with advancements in AI, drones, digital twinning, and other technologies, highlights the Kingdom’s commitment to modernizing its digital infrastructure and aligns with Vision 2030 goals.
Jordan’s Ministry of Digital Economy and Entrepreneurship, in partnership with Blockexe, has launched the Modee Dlt blockchain network to enhance trust in government services. This initiative, part of the Digital Transformation Strategy (2021-2025), aims to improve transparency, efficiency, and competitiveness in e-government services.
