Text size:

  • Small
  • Normal
  • Large

Saudis and Batelco in bid to keep Zain deal alive

Saudi's Kingdom Holding and Bahrain's Batelco have launched a joint bid for Zain's stake in its Saudi operations.

Etisalat's bid for a controlling stake in Zain was given a boost yesterday after two Arab companies launched a joint bid for the Kuwaiti telecommunications operator's Saudi operations.

Bahrain's Batelco and Kingdom Holding, the investment company controlled by the Saudi billionaire Prince Alwaleed bin Talal bin Abdulaziz Al Saud, made a joint bid for Zain's stake in Zain Saudi Arabia. The two companies previously made separate bids for the stake, which were rejected by Zain last month.

The non-binding offer by Batelco and Kingdom Holding and a preliminary expression of interest will be valid until 9am today, Kingdom Holding said in a statement to the Saudi bourse, according to Bloomberg News.

The move has renewed hopes Etisalat may succeed in its bid for a 46 per cent share of the Kuwaiti telecoms company.

In November, Etisalat offered to acquire a majority stake in Zain. But one of the conditions of that was a sale of Zain's stake in Zain Saudi Arabia because the UAE company operates Mobily, one of Zain's competitors in Saudi Arabia.

Etisalat missed a deadline in its attempt to acquire a majority stake in Zain for US$11.7 billion (Dh42.97bn), although it has indicated it is still interested in buying the operator.

* with agencies

bflanagan@thenational.ae

Back to the top

More articles


Editor's Picks

 Would you like it in blue? An Afghan shopkeeper shows a burqa to a customer at a bazaar in Herat. (Aref Karimi / AFP /  April 13, 2014)

In pictures: Best business images for the week to April 24, 2014

Here are some of the best business images for the week to April 24, 2014.

 That's asking a lot: this four-bedroom duplex penthouse apartment  at Marina Residence in Dubai is for sale with an asking price of Dh15.7 million. (Courtesy Better Homes / April 2014)

In pictures: Palm Jumeirah penthouse listed for Dh15.7 million

A four-bedroom duplex penthouse in Marina Residence 3 on Dubai's Palm Jumeirah is on the market for Dh15.7 million.

 Room with a view from one of the 21 duplex penthouses located in the Gate Towers sky-bridge. The sports courts and swimming pools can be seen below. Courtesy Alda

In pictures: Aldar’s Gate Towers Penthouse Collection on Reem Island

Aldar launched its Gate Towers Penthouse Collection at Cityscape Abu Dhabi. The launch features 21 penthouses spanning the skybridge, with each having a private indoor pool and incredible views.

 Marina Square apartments Reem Island: Q1 2% rise. Studio - Dh65-68,000. 1BR - Dh75-95,000. 2BR - Dh110-145,000. 3BR - Dh170-190,000. Q1 2013-Q1 2014 no change. Sammy Dallal / The National

In pictures: Where Abu Dhabi rents have risen and fallen, Q1 2014

Find out how rental prices in the prime locations in Abu Dhabi have altered during the first three months of the year and the current rates you will pay according to data provided by Asteco.

 The Wind, Energy, Technology and Environment Exhibition takes place from April 14 to April 16. Above, the Dewa showroom during last year’s Wetex. Jaime Puebla / The National

April corporate and economic calendar for the UAE and overseas

From Cityscape to Wetex to stock-market holidays to nations reporting first-quarter GDP figures, here is our helpful calendar of April's business events in the UAE and internationally.

 Get the latest information on credit cards, bank accounts and loan products in the UAE. Mark Lennihan / AP Photo

Rates report: Latest on UAE loans, accounts and credit cards

Souqamal.com brings you the latest interest rates on banking products in the UAE.

Events

To add your event to The National listings, click here

Get the most from The National