Page 27 - SAMENA Trends - May-June 2022

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