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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RCU is gauging interest from potential contractors and has not yet issued a prequalification questionnaire, a source said.
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Qatari firm wins $147m Syria road deal27 October 2026
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Riyadh selects contractor for $534m road works27 October 2026

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The Royal Commission for Riyadh City (RCRC) has selected Riyadh-based contractor Saudi Pan Kingdom (Sapac) for an estimated SR2bn ($534m) contract to carry out road construction works in the capital.
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READ THE OCTOBER 2026 MEED BUSINESS REVIEW – click here to view PDFIndustry and logistics drive development at Neom; Saudi Arabia’s investment priorities realign amid conflict; MEED’s 2026 power developer ranking.
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Saudi Arabia raises electricity tariffs26 October 2026
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Saudi Energy, formerly Saudi Electricity Company, has announced revised electricity tariffs, which will take effect on 1 January 2027.
The revised tariff schedule, published on the company’s official website, covers residential, commercial, industrial, agricultural, charitable and government customers.
The largest percentage increase in consumption rates is 16.7%, for residential customers using up to 6,000 kilowatt-hours (kWh) a month. Residential customers will pay 21 halalas/kWh for monthly consumption of up to 6,000kWh, up from 18 halalas. For consumption above 6,000kWh, the rate will rise from 30 to 33 halalas/kWh, a 10% increase.
The industrial tariff will increase by 15%, from 20 to 23 halalas/kWh. Commercial customers, private healthcare facilities and private educational facilities will pay 25 halalas/kWh, up from 22 halalas, for consumption up to 6,000kWh a month, and 35 halalas/kWh above that level, up from 32 halalas.
Tariffs for charities and government customers will also increase. In addition to consumption-based charges, customers will pay a fixed monthly fee based on the capacity of their electricity meter. This replaces the previous separate charge for meter reading, maintenance and billing, with VAT applied to the revised tariffs.
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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.
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