MUST-READS

• SAMA licenses STC Bank to start operations in Saudi Arabia

  The Saudi Central Bank (SAMA) gave the green light for STC Bank to commence its operations in the Kingdom. In April 2024, SAMA granted stc an experimental launch permit for STC Bank.  The bank, in which stc holds an 85% stake, aims to provide Shariah-compliant banking services and financial solutions. Arabian Internet and Communications Services Co. (solutions) initially established STC Bank in 2017, with SAR 100 million in capital. The ownership was transferred to stc in 2019, with capital increased to SAR 400 million by the end of the same year.

• Investcorp expands its AUM in Asia and reaches $2.3bn in funds raised across

  Investcorp, a leading global alternative investment firm, is pleased to announce that it has been chosen by a large Asian institution to invest in South-East Asia, worth over $100 million. This adds to $2.2 billion raised by Investcorp from Asian institutional investors in the last 18 months as it continues to build its global distribution system and deliver fundraising capabilities to investors across key markets in Asia.

• Investcorp Capital invests $280m in growth sectors

  Bahrain’s Investcorp Capital has announced investments exceeded $280 million across various asset classes in the last six months. These potential growth sectors included real estate, infrastructure and corporate investments. The funding aligns with the company’s strategy to pay at least 8 percent dividends in semi-annual instalments, the company said in a bourse filing on Monday. The company acquired two student housing properties at the University of Florida and the University of Texas at Austin for $160 million, three US industrial acquisitions for $300 million, as well as a buyout of Stowe Family Law and accounting company PKF O’Connor Davies in the US.

• STC shifts narrative around the Saudi lost generation

  STC, a tech and digital enabler in Saudi Arabia, has unveiled its latest campaign for the “Sawa” prepaid packages, reflecting the evolving spirit of today’s youth. Developed by VML Riyadh, the campaign, titled “For every vibe, there’s sawa,” aims to redefine perceptions around the young generation often labelled as indecisive or “جيل ضايع” (lost generation). Firas Ghamman, Executive Creative Director at VML Riyadh, explained the campaign’s vision: “We’re not just shifting perceptions of this generation, we’re celebrating their freedom to change their minds from one day to the next. They say this generation is lost, we say they’re constant explorers. With Sawa, they can explore without limits.”

• Investcorp names Mashaal AlJomaih as CEO for Saudi Arabia unit

  Investcorp, the Bahrain-based alternative asset manager backed by Abu Dhabi's Mubadala Investment Company, has appointed financial industry veteran Mashaal AlJomaih as chief executive for its Saudi Arabia unit, as it seeks to boost its ties with investors in the Arab world's biggest economy. Mr AlJomaih, who has more than 20 years of experience in investment and advisory roles, will replace the retiring Yasser Bajsair, Investcorp said in a statement on Sunday. Before joining Investcorp in 2022, Mr AlJomaih held a number of senior positions at BNP Paribas Investment Company and JPMorgan Chase Bank, and co-founded of Darin Partners, a UK-based commercial real estate investment and consultancy.

• Saudi wealth fund PIF to sell further stake in STC in potential $1.1 billion deal
   Saudi Arabia's sovereign wealth fund PIF has hired Goldman Sachs and Saudi National Bank (1180.SE), opens new tab to sell around a 2% stake in the country's telecom group STC (7010.SE), opens new tab in a deal that could raise up to $1.1 billion, according to a statement from the banks. The price of the shares will be determined through an accelerated book building process, the banks said. PIF did not immediately respond to a request for comment. PIF, which sold 6% of STC for $3.2 billion in 2021, will keep a 62% stake in the telecoms group after the offering, whose final results will be announced on Thursday. STC will not receive any proceeds, the banks added.

• Yemen’s STC steps up effort to achieve global recognition

  The Southern Transitional Council (STC) is the most organized fighting force in the south of Yemen. Following the onset of the Ansarullah movement’s attacks on commercial shipping, starting in Nov. 2023, the STC has been actively positioning itself on the global stage as a disciplined defender against the group—better known as the Houthis—and as a key player in securing the Red Sea and the Gulf of Aden.

• Barq, a Saudi financial services start-up led by former STC Pay CEO Ahmed Alenazi, has officially launched to the public.

  Founded last year, the start-up offers a financial app that enables users to transfer money to more than 200 countries. The company claims to have already transferred over $133 million (SAR 500 million) within just three weeks of its debut.

• Saudi Telecom (STC AB) Posts Best First-Quarter Profit Since 2006

  Saudi Arabia’s top telecom company reported its strongest first-quarter profit since 2006 as it made more revenue from business at home. Saudi Telecom Co.’s net income rose almost 6% year on year to 3.29 billion riyals ($877 million) in the first three months of the year, according to a statement on Wednesday. That beat the average analyst estimate for 3.15 billion. Revenue also exceeded expectations on the back of stronger activity in the commercial unit.

• Saudi’s PIF and STC agree deal to create region’s largest telecom tower company
  Saudi Arabia's sovereign wealth fund PIF has agreed to buy a 51% stake in Telecommunication Towers Company Ltd (TAWAL) from STC Group (7010.SE), opens new tab, paving the way for the creation of the region's largest telecom tower company, PIF and STC said on Monday. Under the agreement, PIF and STC will combine TAWAL and Golden Lattice Investment Company (GLIC) to set up a newly-formed company with around 30,000 mobile tower sites and estimated annual revenues of around $1.3 billion, they said in a joint statement.

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