Public Investment Fund, the sovereign wealth fund of Saudi Arabia, agreed to acquire a 51% stake in TAWAL, a telecommunications infrastructure company, from stc Group, a Saudi telecommunication company, for $3bn. “Today's announcement is a significant milestone for the telecommunications industry in Saudi Arabia and the wider region. By bringing together the assets of GLIC and TAWAL, we will establish a consolidated platform on which the telecommunications sector can flourish and give people a better experience to best connect communities and businesses. It is also in line with PIF’s strategy and the Saudi Vision 2030. Fast, reliable and accessible connectivity is a key enabler of growth and a cornerstone for the society, and these agreements mark a major stride towards a more interconnected digital future,” Raid Ismail, PIF Head of MENA Direct Investments.