Page 27 - SAMENA Trends - May-June 2022
P. 27

REGIONAL & MEMBERS UPDATES  SAMENA TRENDS

        stc Group Increases Investments and Expands in the Markets by Acquiring

        Giza Systems


                                                                                 as  it  announced  at  the  beginning  of this
                                                                                 year the establishment  of an Internet  of
                                                                                 Things  company  in  partnership  with  the
                                                                                 Public Investment Fund. It also announced
                                                                                 an investment of one billion dollars in data
                                                                                 centers  and  marine  cables,  and  finally
                                                                                 the  establishment  of a cloud computing
                                                                                 company  in  the  Kingdom in  partnership
                                                                                 with Alibaba Cloud and other companies. It
                                                                                 is worth noting that the sale and purchase
                                                                                 agreement  (SPA)  for  the  acquisition  is
        Arabian  Internet and  Telecommunication   solutions  signed  on last  April a binding   subject  to a number  of conditions  that
        Company (solutions)  announces  the   offer with Energy Technologies to acquire   must be met, including  - but not limited
        signing of a sale and purchase agreement   (89.49 %) of Giza Systems Company (LLC),   to - obtaining approvals from the relevant
        (SPA) on 04-06-2022G  to acquire  89.49%   which is owned by Energy Technologies, in   authorities,  including  the  approval  of the
        of  Giza  Systems  Company  (Closed  Joint   addition to solutions acquiring 34% of the   General Authority  for  Competition,  in
        Stock Company), in addition to 34% of Giza   unauthorized stake, owned by Giza Systems   addition  to other conditions,  that  of an
        Arabia, which represents  the  shares  that   Company (LLC). The acquisition represents   organizational  and commercial nature. It
        are not owned by Giza Systems Company,   a strategic step that serves the objectives   is worth mentioning that Giza Systems is
        for a full cash consideration for the entire   of stc Group in expanding its business in   a leading information technology company
        acquisition. The acquisition will be based on   the  region’s  markets  and  moving forward   that  was  established  in  1974.  It  also
        an Enterprise Value amounting to USD 158   in  achieving  strategic  goals  that  have   provides  services  that  include  systems
        million. It was agreed that the acquisition   dared and enhanced its  position  as  a   and  applications  integration  in  addition
        consideration shall be based on valuation   pioneer  in  digital  transformation  through   to  emerging  technologies  with  offices  in
        formulas pursuant to the enterprise value,   its  investments  in  the  technology sector,   Saudi Arabia, United Arab Emirates, Qatar,
        debt,  cash  and  working capital  as  stated   in  addition to enhancing  the  strength  of   Egypt, the United States  of America, and
        under the agreement terms and condition.   the  private  sector in  the  Kingdom  and   other countries.  It  serves  clients  in  more
        solutions  intend  to  fund  the  acquisition   the  ICT market  and  digital  solutions.  The   than 25 countries around the world.
        consideration  via  a  mixture  of banking   acquisition comes as a continuation of the
        facilities  and cash.  This  comes  after   investments  recently  made by  the  group,






                                             Etisalat launches GoChat Messenger for free
                                             voice and video calls in UAE


        Etisalat  UAE, branded  as  etisalat  by   “etisalat by  e&” as the new brand identity   popularity for  internet  calling  apps.  At
        e&  announced the  launch of GoChat   for Etisalat  UAE,  in  line  with  the  Group’s   etisalat by e&, there have been continuous
        Messenger, an  all-in-one  free  voice and   positioning  as  the  global  technology and   efforts  to ramp up efforts  to ideate  and
        video  calling  app, giving  customers the   investment  conglomerate  that  digitally   create  innovative  propositions  that  drive
        flexibility  of  accessing  unique  features   empowers  people  and  societies.  This   smart connectivity, maximise value creation
        within one application. GoChat Messenger   illustrates  the  company’s  continuous   and enhance customer experience. GoChat
        offers  a  hassle-free  experience  for   efforts  to provide  creative  offerings  that   Messenger  is  the  latest  addition to the
        customers to easily  make and  receive   best  support its customers’ requirements   suite  of  products  and  services  that  will
        voice and video calls, chat with friends and   and  enhance the  customer  experience.   benefit customers in the face of the ever-
        family, transfer money to their families,   The app is in line with the overall vision of   growing need for amplified connectivity in a
        pay  bills, play  games,  stay  updated  with   etisalat by e& to empower customers with   post-pandemic era.GoChat Messenger is a
        the latest news and events, access Smiles   seamless  digital  applications,  enabling   global application that can be downloaded
        vouchers and  deals,  as  well  as  several   experiences  that enhance  their digital   by  anyone  in  the  world, only  requiring  a
        home services.                       lifestyles. Since the pandemic, the market   mobile number for registration, connecting
        The launch follows e&’s recent unveiling of   witnessed  an  increase  in  penetration  and   the UAE population with friends and family

                                                                                                   27    MAY-JUNE 2022
   22   23   24   25   26   27   28   29   30   31   32