How is the model of tower ownership and investment evolving across the Middle East?  

Across the Middle East, the majority of tower sites are owned by mobile operators. However, in recent years, we have seen the growth of the tower co model, including the TAWAL/STC carve out and the Omantel/Helio towers transaction.  

• What are the advantages and disadvantages to MNOs of divesting their tower assets? 

• What is driving the adoption of the tower co model in the region? 

• What additional carve-outs and M&A can we expect in the coming year?