Abu Dhabi: Tables are turning

Despite the global economic slowdown, Abu Dhabi has made a move to increase its stake in US-based Advanced Micro Devices (AMD), the world's second largest maker of computer processors. This transaction testifies to the ongoing vitality of United Arab Emirates (UAE) investment and the change in Western sentiment toward Gulf investment vehicles. Advanced Technology Investment Company (ATIC), which was set up earlier on this year by the Mubadala Development Company, a government-owned investor, took a majority share ownership in AMD's manufacturing arm earlier this month. This is not Abu Dhabi's first foray into the world of IT. Mubadala already invested US$622 million in November 2007 for an 8 per cent equity stake in AMD. This latest deal means Mubadala has boosted its stake in AMD to 19.4 per cent, at a cost of US$314 million for 58 million shares, in addition to warrants for an additional 30 million shares.

UAE investors in talks to set up Kerala IT zones

Several leading UAE investors and non-resident Indian groups are in talks with top Kerala government officials to set up technology parks and a IT special economic zone in the South Indian state. Kerala Government said it will encourage small and medium-sized NRI groups from the Gulf region to set up IT parks in rural and semi-urban centres throughout the state. ""We are currently negotiating with leading business groups from the UAE like SS Lootah and NRI bodies for joint IT projects in the state,"" Dr Ajay Kumar, secretary, IT, Government of Kerala said.

Vodafone Qatar submits revised IPO timetable

The Qatari unit of Vodafone Group has submitted a revised timetable for its October initial public offering after the capital markets regulator asked it to delay the launch due to market conditions. Vodafone planned to sell a 40 per cent stake in the operator in an IPO this month, but did not get the required approvals from the Qatar Financial Markets Authority (QFMA), a Vodafone spokesman said. ""The QFMA asked us to submit a revised timetable due to market conditions... and we are waiting,"" Matthew Harrison-Harvey, director of regulatory and external relations at Vodafone Qatar said. He declined to give the proposed timeframe due to confidentiality agreements.

NoozzVIEW; Telecoms in Kuwait meets regulatory pressure

Although Kuwait was one of the leading countries in the Gulf in terms of developing a mobile phone industry and the very first to introduce wide internet access, it has remained the only one of the six member of the Gulf Cooperation Council not to have set an independent telecommunications regulatory authority (TRA). Under mounting pressure for those involved from outside commentators, this gap is in course of being rectified – although the exact date on which the new body will be launched remains unknown, described only in the official document outlining the final move towards its creation as: “God willing, soon.”

Nokia Siemens Networks wins deal in UAE

Finnish telecom group Nokia Siemens Networks (NSN) said it had won a network expansion deal for around US$225 million (€165 million) in the United Arab Emirates. The UAE's main telecom service provider, DU, which is 40 per cent state-owned, chose NSN to deliver a new radio access system, including second generation, third generation and High Speed Packet Access (HSPA) technologies, as well as services. The new system ""will enable du to extend its network to cater for four million subscribers across the UAE, while realising cost savings,"" the company said.