Saudi Arabia's Dar AlMajed plans to list 30% stake via IPO
The company is offering 90 million shares to investors and the final price for the offering will be determined through a book-building period running from July 29 to August 4, it said in a statement.
The company has appointed Saudi Fransi Capital (BSF Capital) as financial advisor for the IPO.
(Reporting by Federico Maccioni, editing by Emelia Sithole-Matarise)
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The National
16 minutes ago
- The National
Gaza suffering is 'unbearable', says EU commissioner
International pressure on Israel to alleviate 'unbearable' suffering in Gaza is set to increase at an upcoming conference in New York in support of a Palestinian state, the EU commissioner for the Mediterranean Dubravka Suica has told The National. The UN has warned of mass starvation in Gaza engineered by Israel, but Benjamin Netanyahu's government rejects the accusation and blames Hamas. In the meantime the number of deaths from starvation rises steadily. 'The situation there is unbearable,' Ms Suica said. 'This is exactly the reason there is a conference. It won't solve that but it can help, because France and Saudi Arabia are organising it. Many foreign ministers will follow, and I will join on behalf of the European Commission.' A two-state solution such as that backed by the bloc and its Arab partners appears to many more elusive than ever. Israel's parliament this week called for the annexation of all Jewish settlements in the West Bank – in effect blocking the possibility of a future Palestinian state. Ms Suica, a Croatian politician who is scheduled to represent the EU at this month's conference, plays a central role in shaping the EU's economic diplomacy in the Middle East. The budget she oversees was doubled last week to €42.5 billion in the EU Commission's latest seven-year budget proposal. In October, Ms Suica will present a 'new pact for the Mediterranean', which is expected to include concrete partnerships with the region, starting with the first joint energy conference with GCC countries in Brussels on December 15. The idea is to show the region that the EU is not neglecting relations with the Arab world despite being also focusing on what is viewed as Russia's existential threat in Ukraine. Though not part of the Mediterranean region, Gulf countries are to be integrated in the new pact as privileged partners. 'We badly need them to get with us, because their interest is to have peace, security and prosperity in the region,' Ms Suica said. We want to be a player, not only a payer EU Commissioner for the Mediterranean Dubravka Suica Ms Suica, who is in charge the EU's funding to the Palestinian Authority, said that the EU would invite partners in New York to join a newly launched donor platform. It also aims to co-ordinate international efforts for the reconstruction of postwar Gaza once a permanent ceasefire is achieved. EU pressure Brussels views the Palestinian Authority (PA), which has been considerably weakened by Israel, as the only alternative to Hamas in governing Gaza. As its primary financial supporter, the EU increased its funding to the PA this year to €620 million in grants, up from €400 million in grants and loans in 2024. The bloc also recently released €52 million in funding for UNRWA, though Ms Suica signalled hopes that, over time, the PA will assume responsibility for essential services. 'Once they take over services, like health and education, they will be powerful enough to show that they can be a counterpart to Israel,' she said. 'This is what we want to achieve.' Gulf countries as well as OECD states, including the UK, Australia and Japan, would be considered strong partners to the new donor platform. There is a widespread view that the US mediates conflicts in the region while the EU finances reconstruction – but Ms Suica wants that to change, pointing to the Middle East's geographical proximity to Europe. Her motto is: 'We want to be a player, not only a payer.' While the New York conference is not expected to yield immediate decisions, it aims to offer a renewed political horizon for resolving the Israel-Palestine conflict. Participants are set to express their concern over the humanitarian situation in Gaza. Yet both Israel and the US will be absent, and France's stated intention to issue its own recognition of Palestine at a follow-up leaders' meeting in September has angered Israel. Despite Israel's reputation suffering a blow during the Gaza war, EU unity on the conflict remains fragile – a fact recognised by Ms Suica. 'Let's see whether this conference in New York will help, because it will be worldwide, and I am sure that they [Israelis] also don't want to have such an image in the world,' she said. EU countries failed last week to adopt of any of the 10 measures put forward by the bloc's foreign affairs chief, Kaja Kallas, after her services found that Israel had breached a human rights clause enshrined in its relations with the bloc. Her proposals included suspending trade preferences and scientific partnerships. All options One measure that did gain consensus was a deal to increase humanitarian aid to Gaza. Yet EU ambassadors in Brussels were reported to have been widely dissatisfied with its roll-out and impact at their first update this week. Ms Kallas on Tuesday warned that 'all options remain on the table if Israel doesn't deliver on its pledges'. Her office did not answer a question from The National asking whether she would participate in the upcoming conference in New York. Israel has killed close to 60,000 Gazans in 21 months of war, after around 1,200 died in Hamas-led attacks in Israel. Ms Suica reiterated the EU's insistence on Israel keeping border crossings open to ensure the flow of humanitarian assistance. 'They opened some crossings, but still, we are monitoring closely what's going on. We need more,' she said. Regional efforts In addition to her work on Palestine, Ms Suica has been actively engaging with Middle Eastern partners to forge long-term region-to-region co-operation. This includes a strategic partnership signed with Jordan in January and discussions on green energy initiatives with Morocco, such as maritime port decarbonisation. She described the frequent accusation that such partnerships are focused solely on keeping migrants out of Europe as false. 'We don't impose anything. We don't have a template,' Ms Suica said. There has also been a measure of behind-the-scenes diplomatic efforts, with the Israeli, Palestinian and Syrian foreign ministers sitting at the same table at a meeting in Brussels last week. In June, Ms Suica announced a €175 million aid package for Syria. She recalls being told during meetings with Syria's Finance Ministry and central bank governor that while the country was happy to see the EU return after the fall of the Assad regime, there was fear of European interference. 'We don't want to interfere, but we want to accompany you. We want to assist you,' she answered. On Palestine, the philosophy is the same, she said, pointing to its financial support for the PA. 'I cannot predict what will happen, but we are doing our best to achieve a two-state solution,' Ms Suica said.
Tahawul Tech
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- Tahawul Tech
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"@Cisco helps customers adapt to sophisticated threats in multi-cloud environments". Learn more about Westcon Comstor and @Teksalah's involvement in this collaboration below. #WestconComstor #Cisco #Teksalah #tahawultech
Zawya
an hour ago
- Zawya
Du reports a stellar net profit expansion in Q2 2025 with a 25.1% year-over-year growth
Board of Directors approves interim cash dividend of AED 0.24 per share, up 20% year-over-year Dubai, UAE – Emirates Integrated Telecommunications Company PJSC (du) reported its financial results for the second quarter of 2025. Continuing the positive momentum established in the first quarter, our revenues increased by 8.6% year-over-year, reflecting strong performance across all business segments and solidifying our market position. EBITDA rose by 16.4% resulting in an EBITDA margin of 46.8%, a 3.1 percentage points improvement year-over-year, driven by our strategic focus on value-driven products and our disciplined cost management. This operational excellence translated into an impressive net profit increase of 25.1%. In recognition of these strong financial results, the Board has approved an interim cash dividend of AED 0.24 per share, representing an increase of 20% year-over-year. Q2 2025 Highlights Solid subscriber base growth with an increase of 10.8% in Mobile and 12.0% in Fixed, reflecting positive market dynamics and good level of customer acquisition Strong market position with 8.6% revenue growth and solid performance across all business segments Impressive bottom-line growth with EBITDA up 16.4% and margin improving by 3.1 pp to 46.8% resulting in net profit rising by 25.1% 2025 guidance: 2025 Revenue growth of 6-8%, 2025 EBITDA margin: 45-47% Upgraded full-year guidance supported by the strong performance achieved in the first half and highlighting confidence in the growth trajectory Strategic investments in adjacent businesses to support future growth highlighted by: Quarterly Half year AED million Q2 2025 Q2 2024 change H1 2025 H1 2024 change Other revenues 1,085 998 8.8% 2,153 2,016 6.8% EBITDA 1,826 1,569 16.4% 3,650 3,155 15.7% EBITDA Margin (%) 46.8% 43.7% 3.1pp 47.1% 44.0% 3.1pp Net profit 727 581 25.1% 1,449 1,184 22.4% Capex 545 442 23.1% 921 801 15.0% Capital intensity (%) 14.0% 12.3% 1.6pp 11.9% 11.2% 0.7pp Operating Free Cash Flow 1,282 1,126 13.8% 2,729 2,354 15.9% Malek Al Malek, Chairman said: 'Our strong performance in the first half of 2025 reflects the effective delivery of our focused strategy, underpinned by a favourable economic environment and sustained commitment to business excellence. The Board is confident in management's customer-centric and agile approach, which reinforces du's leadership in driving innovation and adaptability. We take pride in our strategic initiatives that contribute to advance the UAE digital agenda, expanding our ICT capabilities and accelerating the digital transformation. Through partnerships with global technology leaders, we are enabling sovereign hyperscale cloud and AI services from UAE-based data centres—empowering a smarter, more connected future for the Emirates. We continue to ensure disciplined capital allocation and sustained long-term value creation for our shareholders. Reflecting our robust first-half results and continued confidence in du's future prospects, the Board has approved an interim dividend per share of 24 fils, underlining our enduring commitment to shareholder returns.' Fahad Al Hassawi, CEO commented: 'Our second quarter financial results showcased impressive performance, fuelled by the meticulous execution of our strategy and consistent growth across every aspect of our operations. We achieved double digit growth in both our Mobile and Fixed subscriber base, underscoring our market leadership and brand strength. We advanced our network coverage and enhanced our connectivity offering with the commercial rollout of 5G Advanced. Our fibre infrastructure also expanded significantly, supporting long-term demand for high-speed connectivity. We launched the UAE's first sovereign hyperscale cloud platform, the National Hypercloud, and made advances in deploying our hyperscale data centre in collaboration with Microsoft, positioning us at the forefront of secure, AI-ready digital infrastructure. These operational achievements translated into strong financial performance underpinned by our disciplined approach to value creation and cost efficiency. The solid revenue growth of 8.6% year-over-year was coupled with strong profitability as EBITDA margins expanded by 3.1 percentage points to 46.8%, translating into a 25.1% increase in net profit. Our upgraded full-year guidance reflects the strong performance achieved in the first half of the year, our confidence in the resilience of our business model and our ability to deliver sustainable, profitable growth.' Customer base In Q2 our Mobile customer base grew by 10.8% year-over-year, reaching 9.1 million subscribers, representing 893,000 net-additions year-over-year. Postpaid rose 9.8% year-over-year to 1.9 million customers supported by strong momentum in the enterprise segment. Prepaid grew by 11.1% to 7.3 million subscribers, reflecting the continuous success of the Alo brand among blue-collar workers and the expansion of retail presence in underserved areas, as well as a solid tourist activity. In Q2 our Fixed customer base recorded a strong year-over-year growth of 12.0%, reaching 706,000 subscribers, with 76,000 net-additions over the past 12 months. This performance was driven by the continued success of our Home Wireless offering as well as sustained demand for fibre broadband services, reflecting our enhanced value proposition and our expanding Network. Q2 2025 Financial Highlights Revenues surged by 8.6% year-over-year reaching AED 3.9 billion, marking strong performance across both service and non-service revenues. This strong performance underscores the continued momentum in our core business and the successful execution of our revenue diversification strategy. Mobile revenues climbed by 7.7% year-over-year to AED 1.7 billion reflecting sustained growth in our customer base and the success of our targeted propositions and highly effective marketing campaigns. The optimized use of digital and retail channels also enhanced customer acquisition and engagement, further fuelling revenue momentum. Fixed revenues rose by 10.1% year-over-year reaching AED 1.1 billion mainly driven by the ongoing expansion in Home Wireless and Fibre customer base. We witnessed encouraging traction in the SME segment, along with increased adoption of Office Wireless solutions-further cementing our position as a trusted partner for connectivity and productivity. 'Other revenues' recorded an 8.8% year-over-year growth to AED 1.1 billion buoyed by higher inbound roaming and interconnection revenues—reflecting our expanded Mobile base, higher handset sale, and growth in ICT revenues in line with our strategic ambition to broaden revenue streams beyond traditional connectivity. EBITDA grew by 16.4% to AED 1.8 billion, with the EBITDA margin improving by 3.1 points year-over-year to 46.8%. The uplift was fuelled by a stronger gross margin, mainly benefiting by a more favourable mix, with continued migration toward unlimited data plans. Our continued discipline around cost efficiency and collections also played a pivotal role in enhancing profitability. Net Profit rose by 25.1% year-over-year to AED 727 million, delivering a Net Profit margin of 18.6%. This reflects the strength of our operational performance and a clear focus on value creation for our shareholders. Capex reached AED 545 million (Q2 2024: AED 442 million), representing a capex intensity of 14.0% (Q2 2024 capex intensity of 12.3%). This increase reflects our commitment to scaling our data centre capabilities and supporting long-term digital infrastructure growth. Operating free cash flow (EBITDA – Capex) rose by 13.8% to AED 1.3 billion, underpinned by strong EBITDA growth. This robust cash generation provides the financial flexibility to invest in future growth while maintaining attractive shareholder returns. Based on these results, the Board approved an interim dividend of AED 0.24 per share for the first half of the year, representing a 20% increase year-over-year and reflecting the strong financial performance and confidence in our outlook. About du du adds life to life with a comprehensive portfolio of mobile, fixed, broadband, entertainment services, and fintech solutions. Through a digital-first approach powered by ultra-reliable fibre and 5G technology, du delivers bespoke solutions leveraging cloud computing, AI-driven analytics, advanced cybersecurity, and IoT integration. As a trusted digital telco enabler spearheading the UAE's digital transformation, we collaborate with a dynamic partner ecosystem to propel industries and society toward operational excellence, shaping a more connected and digitally advanced future across the region.
