The UAE’s biggest telecoms operator, e& — formerly known as Etisalat — has increased its stake in British company Vodafone Group as it seeks to diversify operations globally.
The company has increased its share to “aggregate 3,015.5 million shares, representing 11 per cent of Vodafone's issued share capital [excluding treasury shares]”, the telco said in a statement on Wednesday to the Abu Dhabi Securities Exchange, where its shares are traded.
The financials of the transaction were not disclosed.
“The rationale of e&’s investment in Vodafone is unchanged from the original investment, as announced on May 14. 2022, which is to gain significant exposure to a world leader in connectivity and digital service at an attractive valuation,” the company added.
In May, e& acquired about 2,766 million shares, or a 9.8 per cent stake in Vodafone, for $4.4 billion.
The UAE telecoms operator does not seek board representation at Vodafone and does not intend to make an offer for the company, it said in its May statement.
Abu Dhabi-based e& was founded in 1976 and is the UAE's oldest telecoms company. It has operations in about 16 countries across the Middle East, Asia and Africa, serving more than 156 million customers.
In February, e& rebranded as it sought to transform into a global technology investment conglomerate.
It provides innovative digital solutions, smart connectivity and next-generation technology to a variety of customer segments through its business pillars — etisalat by e&, e& international, e& life, e& enterprise and e& capital.
In October, e& launched a $250 million venture capital fund as part of its new investment unit, e& capital, to support the tech start-up ecosystem. The e& capital VC fund will seek to attract, engage and support start-ups and provide them with access to investor and expert networks.
During the same month, e& enterprise also completed the 100 per cent acquisition of Smartworld, one of the UAE’s leading technology solutions providers and systems integrators.
Last month, the company reported a nearly 2 per cent rise in third-quarter net profit, despite revenue falling 2.4 per cent.
Net profit for the company in the three months to the end of September jumped to Dh2.5 billion ($680 million), compared with Dh2.4 billion during the same period last year. Its revenue during the quarter reached Dh13 billion, almost Dh300 million less than the same period last year.
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
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WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Killing of Qassem Suleimani
HOW TO WATCH
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The Beach Bum
Director: Harmony Korine
Stars: Matthew McConaughey, Isla Fisher, Snoop Dogg
Two stars
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Profile of Foodics
Founders: Ahmad AlZaini and Mosab AlOthmani
Based: Riyadh
Sector: Software
Employees: 150
Amount raised: $8m through seed and Series A - Series B raise ongoing
Funders: Raed Advanced Investment Co, Al-Riyadh Al Walid Investment Co, 500 Falcons, SWM Investment, AlShoaibah SPV, Faith Capital, Technology Investments Co, Savour Holding, Future Resources, Derayah Custody Co.
THE SPECS
Engine: 3.5-litre V6
Transmission: six-speed manual
Power: 325bhp
Torque: 370Nm
Speed: 0-100km/h 3.9 seconds
Price: Dh230,000
On sale: now
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Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.
- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.
More from Neighbourhood Watch:
Museum of the Future in numbers
- 78 metres is the height of the museum
- 30,000 square metres is its total area
- 17,000 square metres is the length of the stainless steel facade
- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
- 7 floors in all, with one for administrative offices
- 2,400 diagonally intersecting steel members frame the torus shape
- 100 species of trees and plants dot the gardens
- Dh145 is the price of a ticket
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
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Results
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COMPANY%20PROFILE%20
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