Saudi Arabia

Saudi Arabia reportedly signed a Memorandum of Understanding (MoU) with Huawei to bolster investments in cloud and smart infrastructure in the country, one of several deals struck with Chinese companies during a visit by President Xi Jinping.

Saudi Arabia’s Public Investment Fund (PIF) detailed plans to sell a 5 per cent stake in operator STC, progressing a strategy announced earlier this year to cut its share while maintaining a controlling interest in the company.

The Saudi Arabia Monetary Authority (SAMA) approved two digital financial services companies to launch full e-wallet services, as part of the country’s attempts to promote a cut in the use of physical cash.

Zain Group’s Saudi Arabia unit slightly revised the price of a tower sale and leaseback deal with investment company IHS Holding, upping the fee from SAR2. 43 billion ($648 million) originally announced in November 2018 to SAR2. 52 billion.

Saudi Arabia and the Czech Republic became the latest markets to gain Apple Pay availability, as the US company continued a global rollout of the mobile payment service.

Zain Saudi Arabia signed an agreement with the country’s government which sees a reduction in its royalty rates and settles a disagreement over payments dating back to 2009, on the condition it expands its infrastructure.

Zain Group’s Saudi Arabia unit agreed to sell and then lease back its 8,100 mobile towers to investment company IHS Holding in a deal worth SAR2. 43 billion ($648 million); funds it plans to use to cut debt.