stc announced the company’s preliminary financial results for the period ending at 31 December 2020. Revenues for the 4th quarter reached SR 15,213m with an increase of 14.69% compared to the corresponding quarter last year. For the 12 months period of 2020, the revenues reached SR 58,949m, registering an increase of 8.43%.
UAE telecom operator du is considering the increase of foreign ownership in its shares. The company will hold a board of directors meeting on January 20 to discuss the proposal.
UAE telecom operators Etisalat and du have raised foreign ownership caps to 49 percent in a move to lure external investors.
UAE telecom operators Du and Etisalat have finalized their master developer agreements (MDA) with Emaar Properties to provide key telecommunications infrastructure, through the Taawun infrastructure deployment initiative for Emaar’s major projects.
Given the growing demand for cybersecurity and in response to market needs in light of digital transformation, stc Group launches the Advanced Technology and Cybersecurity Company.
Tata Communications announced its financial results for the quarter ended December 31st, 2020. On a YoY basis, its consolidated profit after tax (PAT) rose 425 percent to Rs 309.41 crore for the third quarter ended December 31, 2020, compared to Rs 58.85 crore in the same period last year. The surge in profit was attributed to cost efficiencies and improved business processes as well as higher deferred tax credits during the quarter under review.
The Communications and Information Technology Commission (CITC) fined more than SR40 million ($10.67 million) fines on a number of Saudi telecom operators such as stc, Etihad Etisalat Co. (Mobily), Mobile Telecommunication Company Saudi Arabia (Zain KSA), and Etihad Jawraa Telecommunications and Information Technology Company (Lebara Mobile KSA) for not complying to the kingdom’s telecommunications law.
Markets in the UAE finished stronger on Tuesday, powered by the country’s telecoms firms, which surged on the prospect non-UAE nationals’ shareholdings could rise.
Telecom Egypt and the Ministry of Social Solidarity signed an agreement to provide telecommunications services to the Ministry and the beneficiaries of social protection programs, namely the "Takaful and Karama" program. This cooperation comes in line with the Ministry’s endeavor to automate all the services it provides to the enrolled families and individuals across all Egyptian governorates through the implementation of a highly responsive and effective communication mechanism, in line with the envisioned digital transformation strategy of the “Digital Egypt” vision. Such a mechanism will lead to an improvement in data governance, reflect on service quality, and ensure that all requests and complaints are addressed promptly.