The deal is subject to regulatory approvals and it is expected to be closed in the second half of 2024
The agreement aims to facilitate digital transformation and empower tourist destinations along the Red Sea coast
The telecoms operator amassed a EUR2.1bn ($2.23bn) stake, consisting of 4.9 per cent of Telefonica’s shares and financial instruments in September
Telefónica benefits from a portfolio of infrastructure assets and technology platforms, where it is developing capabilities in areas such as cognitive intelligence, edge computing and IoT