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Branding is displayed for Vodafone at one of its stores in London, Britain, June 14, 2023. REUTERS/Toby Melville/File PhotoDUBAI, Aug 2 (Reuters) - UAE's e& (EAND.AD) has submitted an offer to increase its stake in Vodafone (VOD.L) by 20%, e&'s CEO Hatem Dowidar told CNBC Arabia on Wednesday. The company formerly known as Etisalat, e& has been gradually building up its stake in the British telecoms company ever since it took a 9.8% stake for $4.4 billion in May 2022. The UAE operator's cooperation with Vodafone is awaiting regulatory approvals in countries where the British company operates, which "include an agreement to regulate relations between the two companies, and also the possibility of increasing our stake to 20%," Dowidar said. Reporting by Jana Choukeir, Writing by Clauda Tanios, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Toby Melville, Hatem Dowidar, Dowidar, Jana Choukeir, Clauda Tanios, Louise Heavens Organizations: Vodafone, REUTERS, CNBC Arabia, Etisalat, SEC, British, Thomson Locations: London, Britain, DUBAI, British, UAE

Within weeks, Della Valle gave them a stark assessment of the problems Vodafone faces. Complicating matters is an investor base with conflicting demands, concerns about Vodafone's dividend outlook and a workforce reeling from the deep job cuts. While many observers in and outside the company had expected a fresh face, Della Valle won over the board. Vodafone's shares are trading at lows last seen in 2002, largely due to a cut to free cash flow forecasts. That may not sit well with Vodafone's other key investors - French telecoms billionaire Xavier Niel, who competes with it in Italy, and Liberty Global, its partner in the Netherlands.

The job cuts are the biggest in the history of Vodafone, which employs 90,000 people directly across Europe and Africa. Della Valle was given a mandate to turn Vodafone around when she permanently took on the top job from the role of CFO last month. Della Valle started cutting jobs when she took the helm at the start of the year, targeting Vodafone's central operations in London. Della Valle said the European telecoms market had long delivered a poor return on the capital invested in networks, but Vodafone's relative performance had worsened over time. "It will take as long as it takes to get a good deal," Della Valle told reporters.

☆ UAE's e& takes $400 mln majority stake in ride-hailer Careem's Super App
▼ + stars: | 2023-04-10 | by ( Lisa Barrington | ) www.reuters.com time to read: +1 min

DUBAI, April 10 (Reuters) - Emirates Telecommunications Group Company (EAND.AD) has agreed to take a 50.3% stake in a super app managed by Careem, Uber Technologies' (UBER.N) Middle East subsidiary, in a transaction valued at $400 million, e& said in a filing on Monday. The Super App will be managed by Careem founders Mudassir Sheikha and Magnus Olsson, said the company, formerly known as Etisalat Group and now called e&. The ride-hailing business will be separated from the Careem Super App business and will be fully owned by Uber, but will still be available on the super app. Careem began seeking outside investors last year to help finance its Super App, which offers services outside its core ride-hailing business such as food delivery, bike rentals, digital payments and courier services. Uber and Careem's co-founders Sheikha, Olsson and Abdullah Elyas have the remaining stakes in the super app, a Careem spokesperson said.

☆ Uber-owned Careem launches spinout with $400 million investment from UAE tech holding company e&
▼ + stars: | 2023-04-10 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

DUBAI, United Arab Emirates — Uber-owned ride hailing service Careem announced on Monday a spinout with major backing from a new source, as well as from its parent company. Abu Dhabi-based tech holding company e&, formerly Etisalat, signed a binding agreement with Uber Technologies to acquire a 50.03% majority stake in the spinout — which will be known as Careem Technologies — with a $400 million investment. Careem Technologies will focus on the growth of the company's "super app," which offers dozens of services beyond ride hailing in one app. "e& is investing $400m to become a majority shareholder in Careem's Super App alongside Uber and all three of Careem's co-founders," a statement from e& said. Established in 2012 in Dubai by co-founder and CEO Mudassir Sheikha, the company grew from a Dubai-based ride sharing firm to a "Super App" platform, used across the Middle East from Morocco to Pakistan.

DUBAI, March 28 (Reuters) - Uber Technologies' (UBER.N) Middle East subsidiary Careem is in advanced talks with Emirates Telecommunications Group Company (EAND.AD) to invest in its expansion into services beyond ride-hailing, five sources with knowledge of the matter told Reuters. Careem began seeking outside investors last year to help finance its Super App, which offers services outside its core ride-hailing business such as food delivery, bike rentals, digital payments and courier services. While Uber owns Careem's app and its around 50 million registered users, the newly-created investment vehicle will have a service level agreement with the app and its solutions, the source said. Careem's co-founder and Chief Executive Mudassir Sheikha, a former McKinsey executive, has long been a proponent of the Super App strategy to expand beyond ride-hailing. Uber, which shut down its Uber Eats operations in the Middle East in 2020, is focused on ride-hailing in the UAE.

☆ Bank of America upgrades Vodafone, sees stock rising by nearly 50%
▼ + stars: | 2023-01-17 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Vodafone 's stock price hit a 25-year low this month — but sentiment may be turning around. Bank of America analysts upgraded the U.K. company's stock to "buy" on Thursday, saying they expect shares to rise by 42% to £1.31 ($1.60) over the next 12 months. VOD 5Y line Despite this optimism, BofA's analysts believe Vodafone will still need to cut dividends by 30% to keep the balance sheet sustainable. Vantage Towers , previously a wholly owned subsidiary of Vodafone, owns 68,000 sites and was spun off from Vodafone in July 2020. Vodafone's London-listed shares are seen rising by 32% to £1.22 over the next 12 months.

☆ Major Gulf bourses in red on volatile oil, global growth concerns
▼ + stars: | 2022-10-19 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Oct 19 (Reuters) - Major stock markets in the Gulf turned negative on Wednesday, amid volatile oil prices and concerns around global economic growth, with the Dubai index snapping four sessions of gains. The Dubai bourse was volatile as concerns about a global recession continued to weigh on traders' expectations, said Daniel Takieddine, CEO MENA BDSwiss. Register now for FREE unlimited access to Reuters.com Register"The market could see some price corrections if traders move to secure their gains." According to analyst Takieddine, the Qatari market fell on a slide in natural gas prices and remained exposed to more losses. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ateeq Shariff in Bengaluru Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi index gains on rising oil prices; most Gulf bourses muted
▼ + stars: | 2022-10-17 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Oct 17 (Reuters) - Saudi Arabia's stock market ended higher on Monday amid rising oil prices, although most Gulf bourses were subdued on concerns about global financial conditions. Register now for FREE unlimited access to Reuters.com RegisterThe benchmark index (<.TASI>) in Saudi Arabia advanced 1.4%, buoyed by a 2.9% rise in Retal Urban Development Co (<4322.SE>) and a 2.1% increase in Al Rajhi Bank (<1120.SE>). The Abu Dhabi index (<.FTFADGI>) fell 0.4%, hit by a 1% fall in telecoms firm e& (<ETISALAT.AD>), formerly known as Emirates Telecommunications. Outside the Gulf, Egypt's blue-chip index (<.EGX30>) finished 0.9% higher, extending gains for a second session, as most of the stocks on the index were in positive territory. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ateeq Shariff in Bengaluru, editing by Ed OsmondOur Standards: The Thomson Reuters Trust Principles.

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