UAE Telecom Giant e& Acquires Serbia’s SBB For $855M To Expand in Europe

by THEFUTURE.TEAM

February 12, 2025

e&’s subsidiary, e& PPF Telecom Group BV, has finalized an agreement to acquire Serbian broadband and pay-TV provider SBB from United Group for $854.6 million (€825 million). This move strengthens e&’s presence in Central Eastern Europe, aligning with the company’s strategy to diversify revenue streams and accelerate growth.

The acquisition will see SBB merge with e&’s Serbian mobile subsidiary, Yettel, to create a leading converged operator. This merger will enhance mobile, fixed broadband, and pay-TV services, benefiting from the region’s high growth potential. The deal is expected to generate synergies and offer a comprehensive range of services, boosting competitiveness in the market.

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The acquisition is being financed through debt raised by e& PPF Telecom, with SBB’s financials integrated into e& PPF Telecom. While the deal will not significantly impact e&’s overall financials, it is expected to strengthen its market position in Serbia.

SBB is a major player in Serbia’s broadband and cable TV sector, with over 700,000 active customers. In 2023, it generated $252.8 million in revenue and had an impressive 50% EBITDAaL margin. This acquisition is expected to add 12% to revenue and 15% to EBITDAaL annually for e& PPF Telecom.

e&’s broader European expansion strategy includes its October acquisition of a controlling stake in PPF Telecom Group, which operates across Bulgaria, Hungary, Serbia, and Slovakia. e& PPF Telecom now serves over 10 million customers in these markets.Forbes has ranked e& 13th on its list of Top 100 Listed Companies in 2024, and CEO Hatem Dowidar is 9th on Forbes Middle East’s Top CEOs list.

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Cyprus Hits Historic Tourism Peak As Overtourism Risks Mount

by THEFUTURE.TEAM

February 13, 2026

Record-Breaking Performance In Tourism

Cyprus’ tourism sector achieved unprecedented success in 2025 with record-breaking arrivals and revenues. According to Eurobank analyst Konstantinos Vrachimis, the island’s performance was underpinned by solid real income growth and enhanced market diversification.

Robust Growth In Arrivals And Revenues

Total tourist arrivals reached 4.5 million in 2025, rising 12.2% from 4 million in 2024, with momentum sustained through the final quarter. Tourism receipts for the January–November period climbed to €3.6 billion, marking a 15.3% year-on-year increase that exceeded inflation. The improvement was not driven by volume alone. Average expenditure per visitor increased by 4.6%, while daily spending rose by 9.2%, indicating stronger purchasing power and higher-value tourism activity.

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Economic Impact And Diversification Of Source Markets

The stronger performance translated into tangible gains for the broader services economy, lifting real tourism-related income and overall sector turnover. Demand patterns are also shifting. While the United Kingdom remains Cyprus’ largest source market, its relative share has moderated as arrivals from Israel, Germany, Italy, the Czech Republic, the Netherlands, Austria, and Poland have expanded. This gradual diversification reduces dependency on a single market and strengthens resilience against external shocks.

Enhanced Air Connectivity And Seasonal Dynamics

Air connectivity has improved markedly in 2025, with flight volumes expanding substantially compared to 2019. This expansion is driven by increased airline capacity, enhanced route coverage, and more frequent flights, supporting demand during shoulder seasons and reducing overreliance on peak-month flows. Seasonal patterns remain prominent, with arrivals building through the spring and peaking in summer, thereby bolstering employment, fiscal receipts, and corporate earnings across hospitality, transport, and retail sectors.

Structural Risks And Future Considerations

Despite strong headline figures, structural challenges remain. The European Commission’s EU Tourism Dashboard highlights tourism intensity, seasonality, and market concentration as key risk indicators. Cyprus records a high ratio of overnight stays relative to its resident population, signalling potential overtourism pressures. Continued reliance on a limited group of origin markets also exposes the sector to geopolitical uncertainty and sudden demand swings. Seasonal peaks place additional strain on infrastructure, housing availability, labour supply, and natural resources, particularly water.

Strategic Investment And Market Resilience

Vrachimis concludes that sustained growth will depend on targeted investment, product upgrading, and continued market diversification. Strengthening year-round offerings, improving infrastructure capacity, and promoting higher-value experiences can help balance demand while preserving long-term competitiveness. These measures are essential not only to manage overtourism risks but also to ensure tourism remains a stable pillar of Cyprus’ economic development.

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