PIF buys Saudi towers majority share
22 April 2024
Saudi sovereign wealth vehicle, the Public Investment Fund (PIF), and Saudi Telecommunications Company (STC Group) have signed definitive agreements for the PIF to acquire a 51% stake in Telecommunication Towers Company (Tawal) from STC Group.
Tawal is valued at $5.9bn, according to the signed agreement, which the PIF announced on 22 April.
The PIF and STC Group will consolidate Tawal and the PIF majority-owned Golden Lattice Investment Company (GLIC) into a merged entity, forming the "largest regional company in the telecommunications infrastructure sector", the Saudi sovereign wealth fund said.
The PIF will own 54% of the combined new entity, with STC Group owning 43.1% and GLIC owning the remaining minority of the issued share capital.
The transactions are expected to be completed in the second half of 2024, subject to regulatory approvals.
It was reported in October 2022 that STC Group had received a non-binding offer from the Saudi sovereign wealth vehicle to buy 51% of Tawal.
A wholly owned subsidiary of STC Group, Tawal designs and builds telecommunications towers and has a portfolio of over 15,000 towers across the kingdom.
The PIF previously acquired Zain Business, the entity that owns the 8,069-tower infrastructure of Zain Saudi Arabia, for more than SR3bn.
Following the transaction in 2022, the PIF changed the name of Zain Business to GLIC. Zain KSA received a cash amount of SR2.4bn and a 20% shareholidng in GLIC as part of the purchase agreement.
MEED's April 2024 special report on Saudi Arabia includes:
> GVT & ECONOMY: Saudi Arabia seeks diversification amid regional tensions
> BANKING: Saudi lenders gear up for corporate growth
> UPSTREAM: Aramco spending drawdown to jolt oil projects
> DOWNSTREAM: Master Gas System spending stimulates Saudi downstream sector
> POWER: Riyadh to sustain power spending
> WATER: Growth inevitable for the Saudi water sector
> CONSTRUCTION: Saudi gigaprojects propel construction sector
> TRANSPORT: Saudi Arabia’s transport sector offers prospects
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The tariff changes come as Saudi Arabia plans substantial investment in its electricity infrastructure. In September 2025, Saudi Energy announced plans to invest SR220bn ($58.7bn) in power infrastructure projects between 2025 and 2030.
A June 2025 report by Fitch Ratings forecast negative free cash flow of about SR16bn a year over the period and rising leverage, reflecting the financial demands of the programme.
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Dubai Municipality confirms AED3bn Tasreef drainage awards26 October 2026
Dubai Municipality has confirmed it has awarded four contracts worth AED3bn ($817m) to expand the emirate’s stormwater drainage network by about 100 square kilometres under phase three of the Tasreef programme.
The projects will cover Jumeirah, Umm Suqeim, Al-Quoz, Al-Barsha, Al-Wasl and Al-Marmoom. The works include constructing and extending main stormwater drainage lines with diameters of up to three metres.
The four packages are part of Dubai’s AED30bn Tasreef programme, which aims to increase the emirate’s stormwater drainage capacity by 700% and reduce costs associated with pumping stations, network operations and maintenance by 20%.
The contracts have been awarded to China State Construction Engineering Corporation (CSCEC) and three local firms: Arifco Group, Nael Construction & Contracting (NCC) and Detech Contracting. Dubai Municipality did not state which projects the awards relate to.
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Nakheel awards $259m Dubai Islands buildings contract26 October 2026
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