Riyadh – Sharikat Mubasher: Saudi tower company TAWAL, backed by the kingdom's Public Investment Fund, plans to buy more than 10,000 telecom sites from Mobily, Saudi Arabia's second-largest mobile operator, according to people familiar with the matter.

As reported by Semafor website, the multibillion-dollar deal would see PIF-backed TAWAL acquire the tower assets from Mobily, which counts UAE state-controlled telecoms group e& among its shareholders, the people said. If negotiations continue to progress, an announcement could come before the end of the year.

Should the transaction close, it would make TAWAL one of the Middle East's largest telecom tower owners and effectively hand it monopoly control over Saudi Arabia's mobile tower infrastructure. TAWAL is expected to follow the acquisition by laying the groundwork for an initial public offering, which could take place as early as 2027 or stretch into 2028, the people added.

Mobily, PIF, and TAWAL did not respond to requests for comment on the matter.

The deal would mark one of the largest infrastructure transactions in the Gulf's telecom sector this year, underscoring PIF's continued push to consolidate strategic assets ahead of eventual public listings.