One of STC subsidiaries, TAWAL of Saudi Arabia has entered Pakistan through the full acquisition of AWAL Telecom. It marks the company’s first International expansion outside the Kingdom.
The deal is to see AWAL rebranded as TAWAL Pakistan and form the launchpad of TAWAL’s operations in Pakistan following the regulatory approval from the Pakistani authorities.
Mohammed Alhakbani, CEO at TAWAL, said:
“Pakistan is an exciting market with high growth potential, and TAWAL is looking forward to extending our digital transformation and ICT infrastructure development capabilities to the country,”
“The country is witnessing growing mobile service penetration, which is creating infrastructural demand that TAWAL is ideally placed to address.”
Moreover, Pakistan has seen its mobile voice and mobile broadband subscriptions witnessing double-digit growth in recent years, with the expansion of 4G LTE and 5G mobile networks expected to drive its market and revenue growth.
Moreover, TAWAL launched in 2019. It is a subsidiary of Saudi telecom giant STC. Further, STC owns a portfolio of over 15,500 telecom towers in the Kingdom.
Saudi Oil Facility (SOF)
Previously, Pakistan and Saudi Arabia have agreed to operationalize the $1.2 billion Saudi Oil Facility as soon as possible.
Earlier, Minister for Economic Affairs Division Omar Ayub Khan and Saudi Ambassador Nawaf bin Saeed Al-Malkiy had a meeting in Islamabad on February 3, 2022. They reached the agreement of initiating a $1.2 billion Saudi Oil Facility at the meeting.
Moreover, According to the Financing Agreement:
Saudi Arabia will extend the financing facility up to $100 million per month for 1 year. Pakistan can purchase petroleum products on a deferred payment basis.