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ADNOC Drilling secures $1.15bn contract

The contract for two jack-up rigs begins in the second quarter.

Etihad Q1 profit $187 million

This is a 30% YoY increase over Q1 2025.

Yalla Group Q1 revenue $83m

Net income rose to $36.4 million, a 17% YoY increase.

Qatar Airways annual profit $2bn

This was a record 28% jump in annual net profit.

Masdar issues $1bn bond

Its green bond program hits $2.75 billion.

stc’s Tawal secures $999m financing

stc subsidiary TAWAL owns more than 21,000 towers across five countries. (SPA)
By Hilal Mir
December 13, 2023 3:34 pm
  • The 18-month financing is covered by a promissory note by TAWAL for the full amount, stc said in a statement to Tadawul, according to Argaam.
  • The credit is intended to go towards refinancing the shareholders loan extended by stc to TAWAL.

Riyadh, Saudi Arabia — stc’s subsidiary Telecommunications Towers Co. (TAWAL) has signed Murabaha financing agreements with Saudi National Bank (SNB) and Saudi Awwal Bank (SAB) for SAR 2 billion and SAR 1.75 billion, respectively.

The 18-month financing is covered by a promissory note by TAWAL for the full amount, stc said in a statement to Tadawul, according to Argaam.

The credit is intended to go towards refinancing the shareholders loan extended by stc to TAWAL.

There is a related party with respect to SNB Shariah-compliant Murabaha financing agreement, in which Yazeed Alhumied has an indirect interest as he serves on the boards of both stc and SNB, the telecom operator noted.

Furthermore, the Public Investment Fund (PIF) is a major shareholder in stc and SNB, the statement added.

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