Batelco posted a 27.5 per cent rise in second-quarter profit, reporting a net profit of BD13.31 million (US$35.29 million) in three months to June 30.

The telco’s second-quarter revenue was BD92.1 million dinars, down five per cent year-on-year.

The company made a half-year net profit of BD27.54 million, up from BD24.90 million in the corresponding period of 2014.

Zain Group announced its third foray in the field of venture capital investment through a strategic participation in Luxembourg-based Digital East Fund that is managed by venture capital specialist Earlybird.  The fund has raised US$150 million since its inception in 2013 and invests in early-stage and growth-stage digital companies in Central and Eastern Europe, as well as in Turkey. Investors in this particular fund include the World Bank’s International Finance Corporation (IFC), and the European Research and Development Bank (EBRD), as well as a number of prominent family offices and entrepreneurs from the region.

Earlybird was founded in 1997 and has raised in excess of US$800 million to date spread over four funds that have invested in over 100 small to medium early-stage technology based entities across Europe and the Middle East.  The firm has offices and presence across the globe including in Luxembourg, Berlin, Munich, Istanbul, London, and Silicon Valley.

The four venture capital funds that Earlybird currently manages have all had a successful and proven investment approach in a variety of sectors including consumer Internet, enterprise software and services, as well as in medical technology. Impressively, the Earlybird management team’s track record of profitable exits includes 20 initial public offerings and trade sales since 2004.

The investment in the Digital East Fund is the third venture capital announcement in recent months by Zain, further building on the establishment of the Zain Digital Frontier and Innovation (ZDFI) business unit in 2014, which is charged with launching Zain into the digital space with the view to growing the company through the development of new innovative business streams that add to the company’s valuation and customer service offerings.  ZDFI focuses on the areas of innovation; digital services; corporate venturing; and smart cities.

Ooredoo Oman has acquired additional LTE (4G) spectrum, at a cost of OMR9.6 million (US$25 million), which will significantly boost its 4G network capabilities. The company reports that the 800/2600 spectrum acquisition is funded out of its operating cashflow and will bring better indoor coverage to customers as well as significantly faster download speeds for those wanting to access mobile data.

Ooredoo has already showcased its 4.5G technology at the Salalah Festival this year, where speeds of up to 200 Mbps were demonstrated.

Vodafone Qatar today announced its financial results for the three months ended 30 June 2015.

The operator reported 1.42 million mobile customers; up five per cent year-on-year. Total revenue for the period amounted to QAR538 million (US$148 million); down eight per cent. ARPU stood at QAR111 for the period, while EBITDA reached QAR110 million; down 31 per cent year-on-year.

Net loss of QAR100 million was reported, ballooning over 270 per cent from the QAR27 million reported during the same period a year earlier.

Saudi Telecom (STC) blamed rising costs as it posted an 8.7 percent fall in second-quarter profit.

The telco reported a net profit of SAR2.56 billion (US$683 million) in the three months to June 30, stating that general and administrative costs, plus amortisation and depreciation costs, rose by a combined SAR246 million in the second quarter, while taxes and employee retirement payouts together increased SAR178 million.

Quarterly revenue grew 4.3 per cent to SAR12.22 billion.

STC reported falling profits in two of the preceding three quarters, stalling an improvement in its bottom line that had been due to trimming its international ambitions and refocusing on its lucrative home market.

In February, the telecommunications regulator announced it would cut interconnection costs, a move seen helping loss-making number three player Zain Saudi win market share.